企业集团内部资本配置对成员企业价值的影响被引量：5

How Capital Allocation May Affect Group Affiliation Values

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摘要创造内部资本市场的能力是企业集团十分显著的特征。企业集团内部资本配置对其成员企业价值是有影响的。本文通过对中国企业集团控股公司的实证检验发现,内部资本配置对国有集团控股公司的价值有反方向的影响;对民营集团控股公司的价值有显著的正向影响。在控制权大于现金流权组,集团内部资本市场的规模越大,其对控股公司的价值影响越大;但对多元化经营和规模越大的集团控股公司的价值影响较小;在控制权等于现金流权组,其内部资本市场规模越大,其控股公司的价值越小,尤其对多元化经营的集团控股公司的价值的影响越小。 The ability of creating an internal capital market is an important characteristic of a holding company. Internal capital allocations may affect affiliation values. Based on the empirical tests of Chinese group affiliates, the impact of internal capital allocations is negative on the values of those state-owned, while positive on the private enterprises. For those with controlling stake beyond cash flow, the larger the size of internal capital market, the bigger the impact on affiliation values, but the impact is less obvious on those with diversified business and larger size. For those with controlling stake equivalent to cash flow, the larger the internal capital market, the less impact it has on affiliation value, especially on those with diversified business.

作者邵军刘志远

机构地区上海立信会计学院南开大学商学院

出处《证券市场导报》 CSSCI 北大核心 2007年第8期33-41,共9页 Securities Market Herald

基金上海立信会计学院科研基金项目的部分研究成果

关键词企业集团内部资本市场内部资本配置集团控股公司公司价值 corporate group internal capital market internal capital allocation group-affiliation corporate value

分类号 F235.19 [经济管理—会计学]

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