系族企业业务相关性与内部资本市场效率关系研究

发布时间：2018-04-07 16:11

本文选题：系族企业　切入点：业务相关性　出处：《华侨大学》2012年硕士论文

【摘要】：作为新兴的资本市场国家，较大的外部融资约束导致我国企业集团存在着较强的内部资本市场融资动机，近年来不断涌现的“系族”就是我国企业集团内部资本市场功能机制的外在体现。系族下属成员公司之间因控股关系的存在而形成复杂的利益关系，彼此之间存在着频繁的业务往来。这种密切的业务关联对系族企业内部资本市场的效率会造成怎样的影响呢，有必要从系族的实际出发对二者关系进行实证检验。首先，，本文系统回顾了系族企业业务相关性与内部资本市场效率关系的相关文献，分析了目前存在的两类相反的观点：即正向和反向两种关系，接下来，文章概括介绍了系族企业的含义及特征和多元化业务相关性的相关理论。然后，对内部资本市场的存在性进行了界定，并通过多元线性回归分析的方法实证检验了我国系族企业内部资本市场的存在性，为接下来的研究奠定了基础。最后，根据本文研究目的建立了多元化业务相关性的测度体系，并采用敏感性现金流方法来度量企业的内部资本市场效率，从而确立了实证检验业务相关性与内部资本市场效率关系的核心变量，通过多元线性回归方法进行实证分析。研究结果表明：我国系族企业存在着内部资本市场，但内部资本市场效率偏低，系族企业业务相关性与内部资本市场的效率之间不存在正向的促进作用。
[Abstract]:As a new capital market country, the larger external financing constraints lead to the existence of strong internal capital market financing motivation for enterprise groups in China.In recent years, the "family" is the external embodiment of the function mechanism of the capital market inside the enterprise group of our country.Because of the existence of the holding relationship, the member companies of the family family form complex interest relations, and there are frequent business contacts between each other.How does this close business connection affect the efficiency of the internal capital market of the related enterprises? it is necessary to make an empirical test on the relationship between the two from the perspective of the reality of the family.First of all, this paper systematically reviews the related literature on the relationship between the business relevance and the efficiency of the internal capital market, and analyzes two kinds of opposite viewpoints: forward and reverse.This paper briefly introduces the meaning and characteristics of family enterprises and the relevant theories of diversification business relevance.Then, the existence of the internal capital market is defined, and the existence of the internal capital market of the family enterprises in China is empirically tested by the method of multiple linear regression analysis, which lays a foundation for the following research.Finally, according to the purpose of this paper, a measurement system of diversification business correlation is established, and the sensitivity cash flow method is used to measure the efficiency of internal capital market.Thus, the core variables of the relationship between business relevance and internal capital market efficiency are established, and the empirical analysis is carried out by means of multiple linear regression method.The results show that there is an internal capital market in Chinese family enterprises, but the efficiency of the internal capital market is low, and there is no positive promoting effect between the correlation of business and the efficiency of the internal capital market.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.5;F224

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