企业集团财务危机传染与治理效应研究
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摘要
针对企业集团成员上市公司财务危机风险传染问题,研究了我国企业集团内部是否存在财务危机传染效应及治理效应,并进一步探讨了企业集团内部财务危机传染路径。研究发现,企业集团的财务危机传染效应确实会伴随着集团内部成员企业财务危机的发生而出现;集团良好的控制制度和资本市场效率可以降低财务危机传染效应,而高管兼任人数会增加财务危机传染效应。进一步研究发现,企业集团财务危机通过增加商品与劳务关联交易、资金与担保类关联交易和负债融资成本来进行财务危机传染。
As for the risk contagion of listed companies within enterprise groups, this paper studied whether there exists the financial crisis contagion and governance effect in the enterprise groups. Further, it discussed the path of the contagion. Results showed that there was indeed a contagion effect of financial crisis when a listed company of an enterprise group shows financial crisis. It was found that the financial crisis contagion can be reduced by improved the internal capital market efficiency and optimized the internal control system, but can be pushed by the number of the executive concurrently. Further study found that, enterprise group financial crisis was contagious by increasing the related transactions of goods and services, the related transactions of funds and guarantees, the cost of debt financing.
As for the risk contagion of listed companies within enterprise groups, this paper studied whether there exists the financial crisis contagion and governance effect in the enterprise groups. Further, it discussed the path of the contagion. Results showed that there was indeed a contagion effect of financial crisis when a listed company of an enterprise group shows financial crisis. It was found that the financial crisis contagion can be reduced by improved the internal capital market efficiency and optimized the internal control system, but can be pushed by the number of the executive concurrently. Further study found that, enterprise group financial crisis was contagious by increasing the related transactions of goods and services, the related transactions of funds and guarantees, the cost of debt financing.
引文
[1] 徐鹏,刘萌萌,陈志军.企业集团内部资金支持发生机理与效果研究——基于风险倾向的调节作用[J].软科学,2014,28(10):56-59+64.
[2] William Beaver.The Costs and Benefits of Long-Short Investing: A Perspective on the Market Efficiency Literature [J].Journal of Accounting Literature,2016,37.
[3] Allen F,D Gale. Financial Contagion[J], Journal of Political Economy,2000,108(1):1-33.
[4] 黄俊,陈信元,张天舒.公司经营绩效传染效应的研究[J].管理世界, 2013(3):111-118.
[5] Cabrales. Risk-Sharing and Contagion in Networks[J].Working Paper,SSRN.2014.
[6] 纳鹏杰,雨田木子,纳超洪.企业集团风险传染效应研究——来自集团控股上市公司的经验证据[J]. 会计研究, 2017(3):53-60.
[7] Buchuk,D.The Internal Capital Markets of Business Groups: Evidence from Intra-Group Loans[J]. Journal of Financial Economics,2014(112): 190-212.
[8] 余浪,李秉成,田丽媛.内部资本市场效率、财务危机传染与预警——基于政府层级与调节效应视角的分析[J].山西财经大学学报,2018,40(10):90-107.
[9] Beyer B. Internal Capital Market Inefficiencies, Shareholder Payout, and Abnormal Leverage[J].Journal of Corporate Finance,2017,43(C): 39-57.31.
[10] 蔡卫星,胡志颖.企业集团、产权性质与现金持有水平[J].管理评论,2016,28(7):236-251.
[11] 陈汉文,周中胜.内部控制质量与企业债务融资成本[J].南开管理评论,2014,17(3):103-111.
[12] 刘文琦.引入公司内部治理的财务危机预警研究[J].江西社会科学,2012,32(8):56-60.
[13] 王斌,张伟华.外部环境、公司成长与总部自营[J].管理世界,2014(1):144-155+188.
[14] 王峰娟,谢志华.内部资本市场效率实证测度模型的改进与验证[J].会计研究,2010(8):42-48+96.
[15] 陈艳利,乔菲,孙鹤元.资源配置效率视角下企业集团内部交易的经济后果——来自中国资本市场的经验证据[J].会计研究,2014(10):28-35+96.
[16] Carney M,Van Essen M.Business Group Prevalence and Impact Across Countries and Over Time. [J]. Multinational Business Review, 2017, 25(1): 52-76.
[17] 温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,22(5):731-745.
(1)因篇幅原因均未报告控制变量,本文完整数据及结果可向作者索取(下同)。
[2] William Beaver.The Costs and Benefits of Long-Short Investing: A Perspective on the Market Efficiency Literature [J].Journal of Accounting Literature,2016,37.
[3] Allen F,D Gale. Financial Contagion[J], Journal of Political Economy,2000,108(1):1-33.
[4] 黄俊,陈信元,张天舒.公司经营绩效传染效应的研究[J].管理世界, 2013(3):111-118.
[5] Cabrales. Risk-Sharing and Contagion in Networks[J].Working Paper,SSRN.2014.
[6] 纳鹏杰,雨田木子,纳超洪.企业集团风险传染效应研究——来自集团控股上市公司的经验证据[J]. 会计研究, 2017(3):53-60.
[7] Buchuk,D.The Internal Capital Markets of Business Groups: Evidence from Intra-Group Loans[J]. Journal of Financial Economics,2014(112): 190-212.
[8] 余浪,李秉成,田丽媛.内部资本市场效率、财务危机传染与预警——基于政府层级与调节效应视角的分析[J].山西财经大学学报,2018,40(10):90-107.
[9] Beyer B. Internal Capital Market Inefficiencies, Shareholder Payout, and Abnormal Leverage[J].Journal of Corporate Finance,2017,43(C): 39-57.31.
[10] 蔡卫星,胡志颖.企业集团、产权性质与现金持有水平[J].管理评论,2016,28(7):236-251.
[11] 陈汉文,周中胜.内部控制质量与企业债务融资成本[J].南开管理评论,2014,17(3):103-111.
[12] 刘文琦.引入公司内部治理的财务危机预警研究[J].江西社会科学,2012,32(8):56-60.
[13] 王斌,张伟华.外部环境、公司成长与总部自营[J].管理世界,2014(1):144-155+188.
[14] 王峰娟,谢志华.内部资本市场效率实证测度模型的改进与验证[J].会计研究,2010(8):42-48+96.
[15] 陈艳利,乔菲,孙鹤元.资源配置效率视角下企业集团内部交易的经济后果——来自中国资本市场的经验证据[J].会计研究,2014(10):28-35+96.
[16] Carney M,Van Essen M.Business Group Prevalence and Impact Across Countries and Over Time. [J]. Multinational Business Review, 2017, 25(1): 52-76.
[17] 温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,22(5):731-745.
(1)因篇幅原因均未报告控制变量,本文完整数据及结果可向作者索取(下同)。