集团财务公司对企业融资约束的影响研究

A Study of the Impact of Finance Company of Enterprise Groups on the Financing Constraints of the Member Enterprises

集团财务公司缓解成员企业融资约束的作用已得到诸多学者的认可,但是鲜有研究关注财务公司影响融资约束的作用机理及其风险的异质性。基于A股主板上市公司2007—2021年的面板数据,并以我国集团财务公司相继设立为准自然实验的实证研究表明:第一,财务公司设立能够显著缓解企业融资约束,具体通过降低企业债务及股权成本、平滑债务波动、改善债务期限结构来发挥作用;第二,银行业竞争程度上升、企业信息环境恶化、货币政策紧缩时能够加强这种影响;第三,财务公司缓解企业融资约束的作用具有明显的风险异质性,其效果在集团治理水平高、集团经营风险低、企业财务风险低的情况下更为显著,这验证了财务公司的“双刃剑”效应。因此,应正确认识财务公司的作用,规范稳妥推进财务公司的设立,促进内外部金融机构协同发展,同时要严格防范财务公司发生风险传染,促进其回归服务实体经济的本源。

The role of the finance company in an enterprise group in alleviating financing constraints of the group members has been recognized by most scholars,but there is little research on the affecting mechanism of the finance company on the financing constraints and the risk heterogeneity.Based on the panel data of A-share listed companies on the main board from 2007 to 2021,this paper conducts aquasi-natural experiment with the financial companies established one after another in China'enterprise groups.The findings show that,firstly,the establishment of finance company can significantly alleviate the financing constraints of the member enterprises by reducing their debt and equity costs,smoothing the debt volatility,and improving debt maturity structure.Secondly,this impact will be strengthened when the competition in the banking industry increases,the information environment of enterprises deteriorates,and the monetary policy tightens.Thirdly,the role of financial companies in alleviating financing constraints has obvious risk heterogeneity,its effect is more significant in the groups with higher level of governance,lower operational risks and lower financial risks,which verifies the effect of"double-edged sword"of the financial companies.Therefore,it is necessary to be correctly aware of the role of finance companies,gradually and prudently promote the establishment of finance companies,facilitate the coordinated development of both the internal and external financial institutions,and strictly prevent risk contagion in finance company in order to better serve the real economy.