摘要
财务危机会使同一集团内的成员受到影响,本文选择拥有两家及以上的集团控股上市公司作为研究样本,考察财务危机在企业集团公司的传染效应。研究发现,当集团内某一成员企业陷入财务危机时,这一因素将传递到其他成员企业,使其他成员企业陷入财务危机的可能性加大;内部控制制度的完善可以抑制财务危机的传染效应,成员企业与财务危机企业的距离越近,财务危机的传染效应越明显;成员企业与危机企业的行业相同,财务危机的传染效应越大,但该效应只在财务危机出现的第一年和第二年显著,考虑企业集团成员企业财务危机的传染效应可以有效提升财务危机预测模型的预测能力。
Financial crisis may have a contagion effect in members of the same group. This paper chooses two or more group holding listed companies as research samples to examine the contagion effect of financial crisis in group companies.Research shows when a member of a group falls into financial crisis,it will influence other member,increasing the possibility of other member falling into financial crisis; improvement of the internal control system can inhibit the contagious effect of financial crisis,the closer the distance between a member and financial crisis enterprise is,the more obvious contagious effect is; the contagious effect of the financial crisis is greater when a member enterprise and financial crisis enterprise are in the same industry,but the effect is only significant in the first and second years of the financial crisis.Considering the contagion effect of financial crisis in business group can effectively improve the prediction ability of financial crisis prediction model.
作者
余浪
聂梓
田丽媛
YU Lang;NIE Zi;TIAN Li-yuan(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Accounting,Capital University of Economics and Business,Beijing 100070,China)
出处
《商业研究》
CSSCI
北大核心
2018年第8期108-115,共8页
Commercial Research
基金
国家社会科学基金一般项目"僵尸企业的僵化指数与市场退出机制研究"
项目编号:16BGL069
关键词
企业集团
财务危机
传染效应
内部控制制度
地理距离
business groups
financial crisis
contagious effect
internal control system
geographical distance
