货币政策与集团企业负债模式研究

发布时间：2018-09-02 09:55

【摘要】：集中负债还是分散负债,是集团企业财务体制安排中的一个重要方面。本文利用我国上市公司同时披露合并报表和母公司报表这一条件,综合利用合并报表和母公司报表披露的相关数据,考察货币政策对集团企业负债模式选择的影响。研究发现,货币政策越紧缩(宽松),集团企业选择集中负债模式的可能性越大(小)。尤其是,当子公司整体盈利能力较弱或子公司整体成长性较高时,集团企业更可能在货币政策紧缩时选择集中负债模式。进一步研究表明集团企业选择集中负债模式有助于降低集团企业整体的过度投资水平,且主要发生在货币政策宽松期;但集中负债模式对母公司过度投资水平并无显著影响,这意味着集中负债对集团企业整体过度投资水平的影响主要源于其对子公司整体过度投资水平的抑制。本文研究发现表明,集团企业会出于"共同保险效应"和抑制子公司过度投资的考虑而选择集中负债模式,与已有文献关于集中负债属于集团企业主动战略行为的观点一致。
[Abstract]:Centralized liability or decentralized liability is an important aspect of financial system arrangement of group enterprises. This paper makes use of the condition that the listed companies of our country disclose the consolidated statement and the parent company's statement at the same time, and synthetically uses the related data of the consolidated statement and the parent company's statement to investigate the influence of monetary policy on the choice of group enterprise's debt mode. The tighter monetary policy is, the more likely group firms are to opt for a centralized debt model, the study found. In particular, when the overall profitability of subsidiaries is weak or the overall growth of subsidiaries is high, conglomerates are more likely to choose the centralized debt model when monetary policy is tight. Further research shows that the group enterprises choose the centralized debt model to reduce the overall over-investment level of the group enterprises, and mainly occurs in the monetary policy easing period, but the centralized debt model has no significant impact on the parent company over-investment level. This means that the impact of concentrated debt on the overall over-investment level of conglomerates is mainly due to its restraint on the overall over-investment level of subsidiaries. The findings of this paper show that the group enterprises will choose the centralized liability model because of the "co-insurance effect" and the consideration of restraining the overinvestment of their subsidiaries, which is consistent with the view that the centralized debt belongs to the active strategic behavior of the group enterprises.
【作者单位】：北京大学光华管理学院;北京师范大学经济与工商管理学院;
【基金】：国家自然科学基金重点项目(项目批准号:71132004);国家自然科学基金青年项目(项目批准号:71202030)对本文的资助财政部“会计名家培养工程”(财政部财会[2013]27号文)
【分类号】：F275;F822.0

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