集团内部资金配置能够减少公司过度投资吗? 被引量：18

Does the Internal Capital Allocation in the Business Group Alleviate Overinvestment?

导出

摘要上市公司与关联方之间的交易往来一直是理论界和实务界关注的热点话题,本文从集团内部资金配置的角度对这一问题进行剖析。本文研究结果表明集团公司可以通过关联资金往来减少上市公司的过度投资,进一步分析发现终极控股股东与上市公司利益协同度越高,这种降低上市公司过度投资的作用越明显。此外,本文发现对于国有控股公司、融资约束较高的公司以及产品市场竞争较低的公司,具有较高利益协同度的终极控股股东更倾向于通过关联资金往来减少公司的过度投资。本文为集团内部资金配置的有效性提供了经验证据,对深入理解上市公司的关联交易具有重要意义。 The efficiency of internal capital allocation is an important issue. Using a sample of China's listed firms during 2004 to 20011,we examine how the internal capitaltransfer affects the investment efficiency of member firms. The results indicate that abnormal related cash outflow can alleviate overinvestment.We also find a positive relationship between this effect and the ultimate controlling shareholders' cash flow rights. The results help us to better understand the related party transactions and the efficiency of internal capital allocation.

作者陈胜蓝王琨马慧

机构地区内蒙古大学经济管理学院清华大学经济管理学院

出处《会计研究》 CSSCI 北大核心 2014年第3期49-55,96,共7页 Accounting Research

基金国家自然科学基金项目(71263034 70902004 71372048) 教育部人文社会科学研究西部和边疆地区项目(10XJC630003) 内蒙古自治区自然科学基金项目(2011BS1004)的资助

关键词企业集团资金配置关联资金过度投资控股股东

分类号 F832.51 [经济管理—金融学] F275 [经济管理—企业管理] F224 [经济管理—国民经济]

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