集团财务公司对其成员单位价值的影响效应

Group Finance Companies’ Influence on the Value of Their Member Companies

我国集团财务公司虽被赋予加强企业集团资金集中管理和提高企业集团资金使用效率的职责,但通过文献梳理,未发现支持性论证,甚至有文献提出因财务公司帮扶性质,导致资金未得到优化配置。本文根据集团财务公司信息,确认其所属集团,进一步以集团控股上市公司作为研究样本,检验集团财务公司对成员单位价值、负债水平和债务成本的影响。结果表明:集团财务公司成立前样本账面价值明显优于成立后,成立前后市场价值的差异不明显;集团财务公司成立后样本公司负债水平显著增加,财务费用率变化不明显。上述结果说明集团财务公司成立并没有增加其成员单位价值。

Although group finance company shoulders the mission of strengthening the group financial centralized management and increasing the service efficiency of funds. However, little supporting evidence was found in literature, even some scholars pointed out： the funds were not optimized because of its aiding characteristic. Getting the information of group finance companies and confirming the groups controlling them, then, taking the listed companies controlled by groups as samples, we tested the group finance companies＇ influence over member companies on its value, the debt ratio and cost of debt. The result showed the after book value was higher than that before group finance company set up, while there was no significant change in market value; the debt- to-long capital ratio was increased significantly, while the financial cost ratio changed little. The results did not prove that group finance company created value for its member companies.