摘要
基于我国企业“大型化、集团化”的竞争格局与发展趋势以及实体企业普遍存在“脱实向虚”风险的背景,区别于已有研究将研究对象作为独立的个体,选择2007—2019年我国沪深上市实体企业数据,将上市公司纳入集团整体分析框架,实证检验了集团现金在母子公司间的分布状况与上市公司金融化水平的关系。研究发现:集团现金分布越分散,上市公司金融化水平越高。双重代理问题是子公司高持现率下驱动上市公司金融化水平上升的潜在原因。进一步研究发现,持有金融资产期限越长,该助推效应越明显。此外,上市公司较高的成长能力、集团分散举债模式与机构投资者持股能够缓解集团现金分散分布对上市公司金融化的助推作用。以上研究发现是对集团现金管理、上市公司金融化影响因素等相关理论的有益补充,为验证我国企业集团对子企业的治理体系建设的紧迫性提供微观层面的证据,对上市公司作为控股母公司制定现金管理政策,以及防范化解金融风险也具有较好的实践启示。
Based on the competitive pattern and development trend of"large-scale and collectivization"of Chinese enterprises and the background of the risk of"from real to virtual"in physical enterprises,this article choose listed physical companies’data of Shanghai and Shenzhen Stock Markets from 2007 to 2019 and include them into the overall analysis framework of the group to test the relationship empirically between the distribution of group cash in parent-subsidiary companies and the financialization level of entity enterprises,which is different from the existing studies that taking the research object as an independent individual.It is found that the looser group cash distributes,the higher financialization level of listed companies becomes.The dual agency problem are the potential reason for the rise of financialization level of listed companies under the condition of the high cash holding rate of subsidiaries.Further research found that the longer the period financial assets hold,the more obvious boosting effect be.In addition,the higher growth ability of listed companies,the group’s decentralized debt raising mode and the shareholding of institutional investors all can alleviate the above-mentioned boosting effect.These research findings are useful supplements to the relevant theories such as group cash management and the influencing factors of the financialization of listed companies,and they may provide micro level evidence for verifying the urgency of constructing the governance system of subsidiaries in groups,what’s more,that may also have good practical enlightenment for listed companies to formulate cash management policies and to prevent and resolve financial risks.
作者
王瑶
郭泽光
黄贤环
WANG Yao;GUO Ze-guang;HUANG Xian-huan(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006)
出处
《经济问题》
CSSCI
北大核心
2021年第10期111-120,共10页
On Economic Problems
基金
教育部人文社会科学研究青年项目“实体企业金融资产配置、财务公司资金管控与全要素生产率提升研究”(19YJC630058)
山西省高等学校哲学社会科学研究项目“集团内部资本市场与企业金融化研究:理论分析与机制检验”(2019W066)
山西省哲学社会科学规划课题“限薪政策对国企全要素生产率的影响及应对策略研究”(2019B136)。
关键词
现金分布
金融化
代理问题
防风险
集团控制
cash distribution
financialization.
agency problem
risk prevention
group control
