【作者】 银莉；

【导师】 陈收；

【作者基本信息】 湖南大学 ， 企业管理， 2010， 博士

【摘要】 面对有摩擦的外部资本市场,公司金融理论引入信息经济学、委托代理理论、行为金融学等分析工具,孕育出丰富的研究成果,这些研究基本以市场和企业两分法为假设前提,从经济学角度研究如何在不同企业之间有效配置资本。随着企业集团等中间型组织的不断发展,内部组织经济学逐渐兴起,该研究范式为解析公司金融的新组织问题提供了不同的分析路径,以信息和交易为关键概念,研究企业组织内部的资本配置及决策问题,在重塑理论假设的基础上拓展了公司金融理论的研究领域。内部资本市场是企业集团的主要特征之一。集团总部通过内部资本市场将资金配置给各个成员企业,成员企业再通过自身的投资行动创造价值。集团总部的资本配置决策不仅关乎集团内部资金的使用效率,同时也影响依赖于集团内部资本流动的成员企业资本配置效率。本文基于中国转型时期的特定社会经济背景,结合运用内部组织经济学、公司治理分析方法理论阐述内部资本市场的演进路径与运作机制,选择中国上市公司作为检验样本,考虑上市公司处于企业集团的特殊地位,以融资与投资的联动关系作为展开分析的依据,实证研究集团内部资本市场作用下的上市公司资本配置行为及其效率问题,全文共分为七章,主要内容如下:首先,综合内部组织经济学理论、公司金融理论和公司治理理论的分析方法,构建集团内部资本市场较全面的逻辑框架,提出集团内部资本市场的效率促进、共同保险、掏空与支持三大功能,并且不同形成路径企业集团其内部资本市场功能定位不同。在统一理论框架下解释有关的各类问题和假说,为后面的实证研究奠定理论基础。然后,根据中国上市公司的实际情况,采用Ordered Logisitic回归方法建立了一个新的融资约束指数,运用面板数据估计方法实证检验集团组织形式及其内部资本市场与外部融资约束的替代关系。以此为基础,划分上市公司的外部融资约束状态,理论阐释集团内部资本配置对成员企业投资行为的作用机理,并经岭回归实证检验不同融资约束下企业的非效率投资行为。研究发现,具有基本金融功能的集团内部资本市场存在且发挥着一定功效,能替代和弥补外部资本市场的失效。对企业投资决策而言集团内部资本配置具有双向效应,既能弥补外部融资约束下的投资资金缺口,同时在外部融资不受限制时内部资本配置效率低下,未能有效抑制成员企业的过度投资行为。最后,为探寻不同功能定位的集团内部资本市场通过不同的融投资机制所导致的经济后果,本文从业绩水平和盈余波动两方面刻画价值的静态和动态属性,结合集团内部资本市场效率与安全的理论分析,运用面板数据估计方法实证检验集团内部资本配置对成员企业的价值增长和持续稳定的影响作用。之后以陷入财务危机的成员企业为对象,运用Binary Logistic回归模型实证检验集团内部资本市场的安全功能,并进一步定量计算出集团成员企业陷入财务危机产生的外溢成本,考察影响财务危机外溢成本的相关因素。研究发现集团成员企业较其他上市公司的公司价值较优,表现在业绩增长和盈余稳定两方面,另一方面集团内部资本配置对成员企业业绩增长造成负面的影响。为减少成员企业财务危机的发生,可以增加控股股东的持股比例,充分发挥其利益协同效应,一旦集团成员企业陷入财务危机,对关联的成员企业存在明显的负面外部性影响,此时集团控股股东伸出“援助之手”对控制和化解集团内部财务风险具有积极意义。更多还原

【Abstract】 Facing the imperfect external capital markets with frictions, introducing information economics, principal-agent theory and behavior finance as analysis tools,corporate finance has bred abundant outcomes. Based on market-firm dichotomy,these studies probed into the efficiency of capital allocation across different firms from economic angle. With the constant developments of middle organizations such as business group, organizations economic is springing up, giving a different analytical interpretation for organizations behavior in corporate finance. The new research paradigm studies inter-organizations how to make capital allocation decisions, taking information and transaction as the key concepts, which not only remodels the theory hypothesis, but also expands the research in the field of corporate finance.Internal capital market is one of the main features of business group. Through internal capital markets, funds is allocated to group-affiliated firms leading by the group headquarters, then group-affiliated firms invests efficiently to create value. The capital allocation decisions of group headquarters determine the efficiency of internal funds allocation in the group,and also influence the capital investment decisions making by group-affiliated firms. Therefore, under differential social economic background during transition period, combining theoretical knowledge of inter-organizations economics and corporate governance theory, the paper theoretical explains the evolution ways and operation mechanisms of internal capital markets. Then according to the linkage between financing and investment , this project probes the investment behavior and its efficiency of listed companies with the influence of internal capital markets and demonstrates some empirical proof, which are much more systemic and more close to the corporate character. The paper contains seven chapters, the primary content is as follows:Firstly, attempting to provide an integrated framework to introduce and compare these different empirical research, in the hope of helping enhance acdemics understanding of this field, the paper uses several methods of inter-organizations economics、corporate financing theory and corporate governance theory, and then put forward the opinion that efficiency、common insurance、tunneling and propping are three functions of internal capital markets in business group. In addition, it shows the three fucntions of different concentration, according to the differences existed between the patterns of business groups growth.Secondly, considering chinese listed companys’situation, the paper uses ordered logisitic method to estimate the financial constraint. Based on panel data, it tests the substitute relation of internal capital market in business group and financial constraint. Thus it differentiates the degree of financial constraint, and theoretical analyzes the mechanism of group-affiliated firms’investment behavior under capital allocation in business group. Using the ridge regression to control the effect of multiple colinearity, empirical evidences shows that internal capital markets in group are a efficiency factor in allocating resources, accounting for the institutional voids that in turn lead to market imperfections and transfer costs. At the same time, it has identified several mechanisms by which the allocation of investment funds in an internal capital market can alleviate the financial constraints when group-affiliated firms less financially constrained or strengthens over-investment when group-affiliated firms more financially constrained, as compared to an external-capital-markets benchmark.Lastly, to explore the different economic consequences under different functions of group’s internal capital market, caused by different financing and investment mechanisms, the paper discusses the value of group-affiliated firms baesd on integration of static and dynamic characterizations. After analyzing the efficiency and safety of internal capital markets, it empirically studies the impacts of internal funds allocation on group-affiliated firms’performance growth and stability using panel data. Moreover, the paper selects listed company which fall into financial distress as research object, and empirically explores factors affecting the probability of bankruptcy of business group using binary logistic method and bankrupt spillover costs, based on investigating the causes and conductive effects of the financial risk in business group.The results indicate that in one hand group affiliation has a positive and significant impact on listed companies’performance growth and earnings stability, on the other hand, internal capital allocation has affected the performance growth of group-affiliated firms. The paper also shows evidences that an affiliated firm becomes bankrupt actually results in large negative spillovers to member firms in the group. While large shareholder supports affiliated firms, which reduces overspread of financial risk and allows affiliated firms to commit to a lower likelihood of bankruptcy.更多还原