产业政策与系族资金配置

Industrial policy and capital allocation within business groups

系族如何根据产业政策配置内部资金?基于2004年-2017年的上市公司系族数据,研究显示,民营系族将内部资金从非扶持企业配置到产业政策扶持的企业中,并且流入扶持企业的系族资金显著改善了企业业绩.上述结果表明,民营系族在逐利动机的驱使下,通过配置系族资金来把握产业政策带来的投资机会,提升系族价值.国有系族中并未发现类似现象,研究显示,国有系族的资金配置更多受到高管晋升动机的驱动.文章丰富了系族(企业集团)与产业政策等领域的文献积累,为企业制定与实施集团战略提供了一定启示.

How do Chinese business groups allocate internal capital to cope with industrial policy?Using a sample of listed companies from 2004 to 2017,the paper finds that non-state-owned business groups transfer internal capital from non-supported companies to policy-supported companies.Further study documents that such transfers promote the overall performance of the business group.No similar results are found in stateowned business groups.Results suggest that the pattern of internal capital allocation in state-owned business groups is mainly driven by political promotion incentive.Our study enriches the literature on business groups as well as industrial policies,and sheds lights on the formation and implementation of business group strategies.