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.
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