多元化结构、金字塔层级与投资效率——来自于国有企业集团的证据

Diversified Structure,Pyramid Structure and Investment Efficiency:Evidence from State Conglomerates

附属于国有企业集团的国有上市公司,其资源配置效率因产权和组织结构特征的不同而表现出差异性。本文以2011-2013年沪深两市附属于企业集团的国有上市公司为样本,从集团内部成员企业间现金流的"互动"、国有企业集团多元化程度、金字塔结构等三方面探究集团运营对成员企业投资及其效率的影响。研究发现:某一成员企业的投资水平与其自有现金流水平高度相关,但与其他成员企业的现金流水平相关性较弱,且多元化扩张加重了其成员企业的过度投资水平,金字塔层级可以抑制过度投资的发生,而与投资不足都未显著相关。

There are differences in the efficiency of resource allocation among the state-owned listed companies which are affiliated to the state conglomerates, because these state-owned listed companies have the different property structures and the different organizational structures. The paper chooses the stated-owned listed companies in the stock markets of Shanghai and Shenzhen during 2011 and 2013 as the study samples. And the paper discusses the impact of the state conglomerates＇ operation on the investment and investment efficiency of their member enterprises from three aspects： the ＂interaction＂ of the cash flow among the group members ; the degree of diversification of the state conglomerates; and the Pyramid structure. The results of the study demonstrate that the level of investment of one member of the state conglomerates is highly correlated with its own cash flow, but the level of investment of the member has the weak relation with other members＇ cash flow. Furthermore, the pa- per finds that the expansion of diversification increases the level of overinvestment. The resuhs of the study also show that the Pyramid structure can suppress the occurrence of overinvestment, but it is not significantly correlated with the underinvestment.