财务公司的职能配置与集团成员上市公司融资约束缓解

发布时间：2018-06-17 08:23

本文选题：财务公司 + 融资约束　；参考：《中国工业经济》2017年09期

【摘要】：相较于已有文献研究财务公司职能总体及个别环境变量对融资约束的影响,本文对财务公司职能进行效能量化,并选择2009—2015年中国财务公司及其对应集团成员上市公司的经验数据,研究财务公司具体职能对上市公司融资约束的影响。研究发现:财务公司的资金结算职能、贷款业务职能以及担保业务职能能够显著缓解上市公司面临的融资约束,但资金归集职能、委托业务职能对上市公司融资约束的缓解效应没有得到验证。进一步考虑内外部融资环境影响后发现,相较于终极股权结构层级较高组,财务公司职能对较低组样本公司融资约束有更显著的缓解作用;资金归集职能、资金结算职能对终极控股股东为非国有的样本公司融资约束的缓解作用要比国有控股公司更显著,但贷款业务职能和担保业务职能能够更加显著地缓解国有控股公司融资约束;财务公司作为集团内部非银行金融机构对外部金融机构具有替代作用,在外部金融环境越不景气时,其职能对融资约束的缓解作用更加显著。本文的研究发现有助于更好地完善财务公司职能配置和制定财务公司经营策略,并指导财务公司在不同情境下更好地缓解上市公司融资约束。
[Abstract]:Compared with the previous literatures, this paper quantifies the function of financial company by quantifying its function, comparing with the influence of the overall function of financial company and individual environmental variables on financing constraints. The empirical data of Chinese financial companies and their corresponding group members from 2009-2015 are selected to study the impact of the specific functions of financial companies on the financing constraints of listed companies. It is found that the financial company's fund settlement function, loan business function and guarantee business function can significantly ease the financing constraints faced by listed companies, but the fund aggregation function. The effect of entrusting business function on financing constraints of listed companies has not been verified. After further consideration of the influence of internal and external financing environment, it is found that compared with the higher group of ultimate equity structure, the function of financial company has a more significant mitigating effect on the financing constraints of the lower sample group. The function of fund settlement is more significant than that of state-owned holding company in alleviating the financing constraint of the ultimate controlling shareholder which is a non-state-owned sample company, but the loan business function and the guarantee business function can alleviate the financing constraint of the state-owned holding company more significantly. As a non-bank financial institution in the group, the finance company has a substitute role to the external financial institution. When the external financial environment is more depressed, the function of the financial company has a more significant role in alleviating the financing constraints. The findings of this paper are helpful to improve the function allocation of financial companies and formulate financial company management strategies, and guide financial companies to ease the financing constraints of listed companies in different situations.
【作者单位】：山西财经大学会计学院;
【基金】：山西省研究生教育创新项目“财务公司克服煤炭集团财务困境的路径与机理研究”(批准号2016BY100) 教育部人文社会科学研究青年项目“证券分析师行为与融资融券中的知情交易”(批准号15YJC630067);教育部人文社会科学研究青年项目“研发支出资本化效果评价研究:基于管理者自由裁量权的视角”(批准号16YJC630032)
【分类号】：F275;F832.39

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