集团财务资源配置对企业资本结构动态调整的影响——基于集团企业内部资本市场的研究

The impact of financial resource allocation of company groups on the dynamic adjustment of enterprise capital structure —— A study based on internal capital market of group enterprises

本文以2003-2012年上市公司集团为研究样本,分析集团总部在其下属上市公司中的现金分布情况,考察了集团财务资源配置水平对各上市公司资本结构动态调整的影响。研究表明:获得集团总部现金配比越高的上市子公司,其资本结构调整速度越慢;而集团总部现金配比越低的上市子公司,其资本结构调整速度越快。本文的经验证据将为完善集团公司内部资本市场提供思路。

By using a sample of listed company groups from 2003 to 2012, this article analyzes the cash distribution status in the listed subsidiary companies of group headquarters and looks into the impact of financial resource allocation of company groups on the dynamic adjustment of capital structure of listed companies. It shows that the higher cash ratio that the listed subsidiary companies get from their group headquarters, the slower their capital structure adjustment is. On the contrary, the lower cash ratio that they get from group headquarters, the faster their capital structure adjustment is. The empirical evidences presented by this article will provide new thinking for the improvement of internal capital market of company groups.