融资约束与企业投资关系研究——基于家族控制的负向调节作用分析

发布时间：2018-02-12 23:06

本文关键词： 家族控制融资约束企业投资投资——现金流敏感性　出处：《科研管理》2017年02期 　论文类型：期刊论文

【摘要】：家族企业所有权结构是影响公司投资决策的一个重要影响因素,决定了家族控制是加剧还是缓解了融资约束。本文利用动态面板数据系统GMM估计方法,通过分析家族控制在投资——现金流敏感性中的作用,研究家族控制、融资约束与企业投资之间的关系。结果发现:家族控制负向调节作用显著,缓解了融资约束导致的企业投资不足问题。在此基础上,研究进一步发现:家族企业不同控制权配置模式对融资约束与企业投资关系的影响程度不同。这丰富了家族控制及其控制权配置模式在发现市场机会和提升公司价值中扮演的角色,也对当下家族企业参股国有企业形成混合所有制,其活力提升的具体表现具有一定的解释力。
[Abstract]:The ownership structure of family enterprises is an important factor which affects the company's investment decision-making, determines the family control is aggravated or eased financing constraints. A method of GMM estimation of Dynamic Panel Data System in this paper, through the analysis of family control in investment cash flow sensitivity in the role of family control, the relationship between financing constraints and corporate investment results: family control negatively moderates the effect, ease the financing constraints of enterprises leading to a shortage of investment. On this basis, further research found: the influence of different configuration mode of family enterprise control rights on investment financing constraints and corporate relations. It enriches the family control and control allocation mode in finding market opportunities and play the role of promoting the value of the company, also on the family enterprise shares of state-owned enterprises of mixed ownership form, its vitality The specific performance has a certain explanatory power.

【作者单位】：东北财经大学;大连工业大学;
【基金】：辽宁省教育厅科学研究一般项目“金融资源错配、融资约束与公司行为关系研究”(编号:W2013202)的阶段性成果
【分类号】：F275.5

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