摘要
母公司持股比例直接影响子公司财务绩效且受制于地理距离和制度距离的调节作用。现有相关文献尚无关于中国情境下母公司持股比例对子公司财务绩效影响及其边界条件的实证研究成果。笔者依据交易成本理论、委托代理理论和制度理论,构建了母公司持股比例、地理距离和制度距离对子公司财务绩效影响的研究模型,采用中国制造业上市企业的子公司样本,利用多元线性回归分析方法对该模型进行检验,实证母公司持股比例对子公司财务绩效的影响以及地理距离和制度距离的调节效应。研究结果表明:母公司持股比例越高,子公司财务绩效越好;地理距离削弱母公司持股比例对子公司财务绩效的正向影响;正式制度距离和非正式制度距离抑制母公司持股比例对子公司财务绩效的正向影响。本研究通过对母公司持股比例如何影响子公司财务绩效的学术探讨,揭示出二者关系的机理,丰富了关于子公司财务绩效影响因素方面的相关文献,为母公司合理配置子公司股权和子公司提升财务绩效等实践活动提供了理论依据。
The shareholding ratio of the parent company directly affects the subsidiary's financial performance and is subject to the moderating effect of geographical distance and institutional distance.In the context of China,there is a lack of large sample empirical research on the impact of parent company shareholding ratio on subsidiary financial performance and its boundary conditions.Based on transaction cost theory,principal-agent theory and institutional theory,this paper constructed a research model on the impact of the shareholding ratio of the parent,the geographic distance,and the institutional distance on the subsidiary's financial performance,and used the sample of the subsidiaries of China's listed manufacturing enterprises to test the model by multiple linear regression analysis.The results show that:the higher the shareholding ratio of the parent company,the better the subsidiary's financial performance;the geographical distance negatively moderates the positive impact of the shareholding ratio of the parent company on the financial performance of the subsidiary;the formal and the informal institutional distance also negatively moderate the positive impact of the shareholding ratio of the parent company on the financial performance of the subsidiary.This study is a useful attempt to explore the influencing factors of financial performance of subsidiaries academically.It enriches the relevant literature on how the shareholding ratio of the parent company affects the financial performance of subsidiaries,and provides a theoretical basis for the equity allocation of the parent company to subsidiaries and the practical activities of improving the performance of subsidiaries.
作者
刘小元
赵嘉晨
贾佳
LIU Xiao-yuan;ZHAO Jia-chen;JIA Jia
出处
《中央财经大学学报》
CSSCI
北大核心
2021年第7期103-115,共13页
Journal of Central University of Finance & Economics
基金
国家自然科学基金项目“家族企业控制权配置的社会阶层烙印与企业投资‘脱实向虚’”(项目编号:71862006)
教育部人文社会科学研究规划基金项目“地理距离、制度距离与企业异地子公司进入模式与股权战略的联系研究”(项目编号:18YJA630067)
中央高校基本科研业务费专项资金和中央财经大学科研创新团队支持计划“大规模网络结构数据的统计分析与应用”(项目编号:校20190107)。
关键词
母公司持股比例
子公司财务绩效
地理距离
制度距离
Shareholding ratio of parent company
Subsidiary financial performance
Geographic distance
Institutional distance
