国有企业集团内部资本市场对财务风险的影响

发布时间：2018-05-10 16:25

本文选题：国有企业集团 + 内部资本市场　；参考：《华东师范大学》2014年硕士论文

【摘要】：内部资本市场是与外部资本市场相对的一个概念,是企业资金在内部流动和配置的市场。虽然我国对内部资本市场的研究相对较晚,但是在实践中,企业内部资本市场却是普遍存在的。尤其是国有企业集团的内部资本市场,由于国有企业集团一直是我国经济发展的中坚力量,所以其内部资本市场的运作一直是学者们关注的话题。有的学者认为内部资本市场是有效的,它具有监督激励的优势,可以缓解融资约束以及提高资本配置的效率。但是有的学者则从内部代理问题,过度投资,损害中小股东的利益的角度出发深入剖析了内部市场给企业集团带来的风险。本文将从内部资本市场对企业可能造成的风险出发,通过委托代理理论,结合国有企业集团自身特有的属性,分析国有企业集团内部资本市场对财务风险的影响。本文的写作思路如下：首先,通过梳理国内外经典文献确定了本文的研究思路和基本框架。然后根据“内部资本市场”和“国有企业集团”各自的内涵和特点进行了分析和讨论,得出我国国有企业集团内部资本市场功能异化的结论,并在此基础上分析了内部资本市场对财务风险的影响。接着运用理论和实证相结合的研究方法,以2008年到2012年国有企业集团中的上市公司为样本,采用面板数据模型的方法对国有企业集团内部资本市场对财务风险的影响进行了验证。最后,根据前文的分析结论,提出通过采取适当措施来提高公司治理水平、优化内部股权结构,以降低国有企业集团内部资本市场运作对财务风险的负面影响。国有企业集团对我国国民经济的发展至关重要,随着国有企业改革的不断深入,如何规避财务风险、完善公司治理是当前亟待解决的问题。所以,本文的研究对于如何进一步推进国有企业改革,促进国有上市公司健康发展具有非常重要的现实意义。
[Abstract]:The internal capital market is a concept opposite to the external capital market. It is a market in which enterprise capital flows and allocates internally. Although the study of internal capital market in our country is relatively late, in practice, the internal capital market of enterprises is ubiquitous. Especially the internal capital market of state-owned enterprise groups, because state-owned enterprise groups have been the backbone of our economic development, so the operation of its internal capital market has been a topic of concern to scholars. Some scholars believe that the internal capital market is effective, it has the advantage of supervision and incentive, can ease the financing constraints and improve the efficiency of capital allocation. However, some scholars deeply analyze the risks brought by the internal market to the enterprise group from the angle of internal agency problem, excessive investment and damage to the interests of minority shareholders. This paper will analyze the influence of the internal capital market on the financial risk through the principal-agent theory and the special attributes of the state-owned enterprise groups from the perspective of the risks that the internal capital market may cause to the enterprises. The ideas of this paper are as follows: first, through combing the classical literature at home and abroad to determine the research ideas and basic framework. Then, according to the connotation and characteristics of "internal capital market" and "state-owned enterprise group", the conclusion is drawn that the internal capital market of state-owned enterprise group in our country is dissimilated. On this basis, the influence of internal capital market on financial risk is analyzed. Then using the theoretical and empirical research methods, taking the listed companies in state-owned enterprise groups from 2008 to 2012 as a sample, Panel data model is used to verify the influence of internal capital market on financial risk in state-owned enterprise groups. Finally, according to the above analysis conclusion, the author puts forward that appropriate measures should be taken to improve the level of corporate governance and optimize the internal ownership structure, so as to reduce the negative impact of the operation of the internal capital market on the financial risk of state-owned enterprise groups. The state-owned enterprise group is very important to the development of our national economy. With the deepening of the reform of the state-owned enterprise, how to avoid the financial risk and perfect the corporate governance is an urgent problem to be solved. Therefore, the research of this paper has very important practical significance for how to further promote the reform of state-owned enterprises and promote the healthy development of state-owned listed companies.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.1;F832.51;F275

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