集团财务公司对成员企业投资价值的影响

发布时间：2018-06-12 18:41

本文选题：财务风险 + 代理成本　；参考：《商业研究》2017年04期

【摘要】：集团财务公司是企业集团内部融资的资本市场,其实际运行的作用是降低了成员企业的融资成本、提高了资金使用效率,还是加剧了集团与成员企业的代理冲突、增加了代理成本,这对于外部投资者对集团成员企业的投资决策具有重要的参考价值。对此,本文以2010-2013年A股上市公司的数据计算行业平均代理成本、资产负债率、Z得分、净资产利润率,并与拥有集团财务公司的成员企业的相关数据进行差异显著性分析。研究发现:集团财务公司收紧了成员企业现金流,加大了对成员企业的监控,触动了成员企业管理层利益,提升了成员企业的代理成本,影响了成员企业的经营业绩;从整体利益考虑,集团财务公司掏空了成员企业,致使成员企业的财务风险高于同行业的平均水平,成员企业管理人员的在职消费水平大于或等于同行业的平均水平,但投资者收益却与同行业的平均水平没有显著差异。因此,对拥有集团财务公司的成员企业的投资风险更大。
[Abstract]:Group finance company is the capital market of internal financing of enterprise group. Its function in practice is to reduce the financing cost of member enterprise, improve the efficiency of capital use, or aggravate the agency conflict between group and member enterprise. The agency cost is increased, which has important reference value for external investors to make investment decision to group member enterprises. In this paper, the data of A share listed companies from 2010 to 2013 are used to calculate the average agency cost, the ratio of assets and liabilities, the net asset profit rate and the data of the member companies that own group finance companies. It is found that the group finance companies tighten the cash flow of the member enterprises, increase the monitoring of the member enterprises, touch the interests of the management of the member enterprises, enhance the agency costs of the member enterprises, and affect the operating performance of the member enterprises; Considering the overall interests, the group finance company emptied the member enterprises, which caused the financial risk of the member enterprises to be higher than the average level of the same industry, and the in-service consumption level of the managers of the member enterprises was greater than or equal to the average level of the same industry. However, there is no significant difference between investor returns and the average level of the same industry. As a result, the investment risk to the member enterprise that owns group finance company is bigger.
【作者单位】：重庆工商大学财政金融学院;
【基金】：重庆工商大学博士科研启动经费项目“混合所有制控股模式对企业财务风险和资本成本的影响”,项目编号:1455004 重庆市教育委员会人文社会科学项目“资本成本约束下的商业类国有企业混合所有制改革研究”,项目编号:16SKGH095
【分类号】：F832.39;F830.42

【相似文献】