财务公司职能配置与集团成员上市公司投资效率

Finance Company Function Configuration and the Investment Efficiency of Listed Companies Which in Group

采用2009-2015年财务公司职能配置与集团成员上市公司的经验数据,实证检验了财务公司职能配置的数量和模式与集团成员上市公司投资效率的关系。研究发现,财务公司职能配置数量、"基础职能+融资性担保职能"模式与集团成员上市公司非效率投资显著负相关,而"基础职能+对金融机构投资职能"模式与集团成员上市公司非效率投资显著正相关;"基础职能+融资性担保职能"模式能够有效缓解集团成员上市公司投资不足,而"基础职能+对金融机构投资职能"模式则显著加剧了集团成员上市公司的过度投资行为。进一步研究发现,货币政策的宽松程度以及上市公司代理问题在财务公司职能配置数量、模式与集团成员上市公司投资效率关系中存在调节作用。研究结论有助于指导财务公司科学配置财务公司职能数量以及合理选择职能配置模式。

Using the the empirical data of the group finance companies function configuration and listed companies in 2009-2015 to empirical test the relationship between the configuration number of finance company functions and model and the investment efficiency of listed companies which in group. Study found that Numbers of finance company functions,the＂basic function ＋ financing guarantee function＂model is significantly negative correlation with investment efficiency of listed companies,and ＂basic function ＋ financial institutions investment function＂model is significantly positively related to the efficiency of investment of listed companies. ＂Basic function ＋financing guarantee function＂mode can effectively ease the insufficient investment of the listed company,and the＂basic function ＋ financial institutions investment function＂model has significantly contributed to excessive investment behavior of listed companies. In addition,the degree of loose monetary policy and the problem of agency of listed companies in the relations of financial company function configuration quantity,model and investment efficiency existing in the regulation. Findings help guide finance company scientific configuration functions of finance company number and rational choice function configuration model.