大航海并购环境下融资约束与集团资本市场金融效应——基于航运业集团实证研究

Great Maritime Merger,Financing Constraintand Financial Effect of Internal Capital Market——Empirical Evidence Based on Chinese Shipping Enterprises Lidan

选取2011-2015年我国航运集团上市公司为样本,从关联并购与融资约束视角,依据K-Z指数模型和Ordered Logistic回归模型实证检验影响航运集团资本市场资本配置效率因素;研究结果显示:并购重组、资本输入输出流向、两权分离、并购规模以及控股人身份是影响内部资本市场金融效应的关键因素,而金融杠杆效应、公司市值比、总资产收益率与投资支出并不产生显著影响,集团资本市场投资支出行为则受到投资机会以及非自身现金流水平的共同影响。

This paper studies factors of capital efficiency allocation in intemal capital market based on listed shipping group companies according to financial effect theory. Explore impact of financing constraints and mergers by the K - Z index model and Ordered Logistic regression model. Empir- ical evidence suggest that, they are the key factors such as mergers, capital input and output flows , separation of ownership, mergers scale and holding identity in the internal capital market. These factors of financial leverage, market capitalization ratio, return on assets and investment spending do not have a significant impact ; Intra - group capital market investment spending behavior is limited by the combined effect of investment opportunities as well as non - self cash flow levels.