摘要
通过对企业集团的成员企业进行实证检验,我们发现:企业集团内部资本配置损害其成员企业的价值。控制权与现金流权分离程度大和规模大的成员企业,企业集团内部资本配置活动对其价值的损害比较显著。民营集团内部资本配置有利于其成员企业价值的提升,尤其是规模小的成员企业受益于集团内部的资本配置活动。中央政府为最终控制人的集团,其内部资本配置活动有利于成员企业价值的提升,集团内部资本配置尤其使规模小和存在融资约束的成员企业受益;地方政府为最终控制人的集团,内部资本配置活动往往不利于其成员企业价值的提升。
In this paper,empirical examinations are made on group-affiliation firms based on the background of special institution in China.The results show that internal capital allocation(ICA)didn't hoist the value of the listed firms affiliated by group.The effects are significant on group-affiliated firms with characteristics such as more divergence between the control right and the cash flow right and big size;ICA hoists the value of the listed firms affiliated by private-owned group,especially for the one with small size.It also enhances the value of the listed firms affiliated by groups who are controlled by central government.Small sized firms and financing constraints group-affiliation firms benefit more from ICA.Internal Capital Allocation destroys the value of the listed firms affiliated by groups who are controlled by local government.
出处
《会计研究》
CSSCI
北大核心
2008年第4期47-53,共7页
Accounting Research
基金
上海市教委科研创新项目的重点项目(批准号:08ZS97)的部分研究成果
