企业集团风险传染效应研究——来自集团控股上市公司的经验证据

发布时间：2018-02-25 07:43

本文关键词： 企业集团风险传染传染路径风险管理　出处：《会计研究》2017年03期 　论文类型：期刊论文

【摘要】：针对企业集团内部公司间的风险传染效应问题,本文首次研究了中国同一企业集团控股的不同上市公司之间风险是否传染、如何传染以及风险管控效应。研究发现,当集团内某一上市公司风险增加时,次年集团成员上市公司风险会上升,而且无论是财务风险还是市场风险均存在传染效应。本文进一步研究发现集团内关联交易、担保、债务是集团内公司风险传染的重要路径。最后借助集团管控的数据分析显示,集团金字塔结构导致的两权分离、高管兼任会加剧风险传染,上市公司风险治理如风险管理委员会、董事会成员的财务或法律背景、公司的风险管理制度能够有效缓解风险传染。本文的研究为集团风险传染机制和风险管理提供了独特视角和重要经验证据。
[Abstract]:In view of the problem of risk contagion among the companies within the enterprise group, this paper first studies whether the risk is contagious, how to infect the risk among the different listed companies controlled by the same enterprise group in China, and the effect of risk management and control. When the risk of a listed company in a group increases, the risk of listed company will increase in the following year, and the financial risk and market risk will have contagion effect. Debt is an important route to corporate risk contagion within the group. Finally, with the help of a data analysis of the group's management and control, it is shown that the separation of the two powers caused by the pyramid structure of the group, and the simultaneous appointment of executives, will exacerbate the risk contagion. Listed company risk governance such as risk management committee, board member's financial or legal background, Corporate risk management system can effectively mitigate risk contagion. This study provides a unique perspective and important empirical evidence for group risk contagion mechanism and risk management.
【作者单位】：云南财经大学会计学院;
【基金】：国家自然科学基金(71262019;71462031) 教育部人文社会科学规划基金(12YJA630092)的资助
【分类号】：F275;F832.51

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