期刊文献+

企业集团财务危机的“溢出效应”与大股东的支持行为 被引量:3

Spillover Effects of Distress Business Groups and Financial Propping From Large Shareholders
下载PDF
导出
摘要 在剖析企业集团财务风险的成因和传导机理的基础上,考察影响集团成员企业陷入财务危机的概率及其外溢成本的相关因素,实证结果表明集团成员企业陷入财务危机,确实给关联成员企业带来负面的外部性影响,而大股东的资金支持行为对控制集团内部财务风险的蔓延有积极作用,可以减少成员企业发生财务危机的概率。 In the paper we empirically explores factors affecting the probability of bankruptcy of business group and bankrupt spillover costs based on investigating the causes and conductive effects of the financial risk in business groups. The empirical results show that an affiliated firm becomes bankrupt actually resulting in large negative spillovers of member fh-ms in the group. While large shareholder supports affiliated firms, which reduces overspread financial risk and allows affiliated firms a lower likelihood of bankruptcy.
作者 银莉 陈收
出处 《财经论丛》 CSSCI 北大核心 2010年第1期77-83,共7页 Collected Essays on Finance and Economics
关键词 集团成员企业 内部资本市场 财务危机 溢出效应 group-affiliated firms internal capital market financial crisis spillover effect
  • 引文网络
  • 相关文献

参考文献12

  • 1Lewellen W G. A Pure Financial Rationale for the Conglomerate Merger [J]. Journal of Finance. 1971, 26 (2) : 521 - 537.
  • 2Caves R E, Uekusa M. Industrial Organization in Japan [M]. Washington, DC: Brookings Institution, 1976.
  • 3Heiss F, K? ke J. Dynamics in Ownership and Firm Survival: Evidence from Corporate Germany [J]. European Financial Management. 2004, 10 (1): 167- 195.
  • 4Claessens S, Djankov S, Klapper L. Resolution of Corporate Distress in East Asia [J]. Journal of Empirical Finance. 2003, 10 (1-2): 199-216.
  • 5Becchetti L, Sierra J. Bankruptcy Risk and Productive Efficiency in Manufacturing Firms [J]. Journal of Banking and Finance. 2003, 27 (11 ) : 2099 - 2120.
  • 6Gopalan R, Nanda V, Seru A. Affiliated Firms and Financial Support: Evidence from Indian Business Groups [J]. Journal of Financial Economics. 2007, 86 (3): 759- 795.
  • 7银莉.组织失灵框架下企业集团财务风险的传导效应[J].统计与决策,2009,25(20):184-186. 被引量:1
  • 8李焰,陈才东,黄磊.集团化运作、融资约束与财务风险——基于上海复星集团案例研究[J].管理世界,2007,23(12):117-135. 被引量:104
  • 9Friedman E, Johnson S, Mitton T. Propping and Tunneling [J]. Journal of Comparative Economies. 2003, 31 (4) : 732 - 750.
  • 10Riyanto Y E, Toolsema L A. Tunneling and Propping: A Justification for Pyramidal Ownership [ J]. 2008, 32 (10): 2178- 2187.

二级参考文献16

共引文献186

同被引文献50

二级引证文献18

相关主题

;
使用帮助 返回顶部