环境不确定性、内部资本市场与企业价值

发布时间：2018-05-05 05:15

本文选题：环境不确定性 + 内部资本市场　；参考：《中央财经大学》2016年博士论文

【摘要】：环境不确定性导致了企业的业绩波动、经营风险以及信息不对称,从而向外部资本市场传递了不利的信号,降低了外部资本市场的投资者向高不确定性企业提供融资支持的意愿,增加了高环境不确定性企业的融资难度和融资成本;然而,环境不确定性程度越高,企业的管理层需要足够的现金持有量来应对经营风险。已有的研究表明,内部资本市场的产生是为了克服外部资本市场的摩擦,具有降低交易成本、对内部企业提供融资支持的功能,且企业集团具有统一管理分散资金以及集团内部企业之间共同保险作用而增加举债能力,使内部资本市场拥有充分的资金为其成员企业提供融资支持;因此,企业的环境不确定性程度越高,其内部资本市场越活跃,表现出更多的内部资本市场的资本流入,且内部资本流入量大于其向内部资本市场的资本流出量,即高环境不确定性的公司有正向的内部资本净流入。由于高融资约束企业的外部融资受到更大的限制,其经营活动更多地依赖企业内部资金;因此,在环境不确定性与融资约束交互影响下,导致融资约束企业在高环境不确定性下,对内部资本市场的融资需求更加强烈,表现出显著的内部资本市场的资本流入,且内部资本流入量大于其向内部资本市场的资本流出量,呈现出正向的内部资本净流入。在我国新兴加转轨的特殊经济环境下,外部资本市场尚不发达,且我国的上市公司中,国有企业占据绝对多数;此外,我国的商业银行多数为国有控股或国有参股企业,由于国有企业与政府以及商业银行之间的特殊关系,相对于民营企业来说,国有企业更容易获得银行的信贷资金支持,使其拥有相对较为宽松的外部资本市场环境。此外,国有企业在追求经济利益的同时也承担了相对较多的社会负担,因此,国有企业在面临高环境不确定性时,更容易获得政府为其提供的资金支持。因此,相对于民营企业来说,国有企业在面临高环境不确定性时,其从内部资本市场中寻求融资支持的欲望相对较弱。环境不确定性程度反映了企业经营风险的高低,高环境不确定性的企业其经营风险相对更高,为了抵御经营风险而向内部资本市场寻求更多的融资支持,这将导致较为负面的经济后果:一方面,为高环境不确定性企业带来更多的现金流,增加了高环境不确定性企业管理层的代理成本;另一方面,从企业集团整体来说,资金流向高环境不确定性企业并未实现资金的有效配置;因此,高环境不确定性企业的资金流入将导致其价值降低,而高环境不确定性企业的资本流出并不会导致企业价值减损。论文在理论分析的基础上,采用实证研究的方法分别检验了环境不确定性与内部资本市场,环境不确定性、融资约束与内部资本市场,以及环境不确定性、内部资本市场与企业价值之间的关系。本文涉及的相关重要概念定义如下:内部资本市场,本文将以下四类关联企业之间的资金交易、担保或者抵押、股权交易以及债权债务类交易视为内部资本市场:上市公司的母公司、上市公司的子公司、与上市公司受同一母公司控制的其他公司以及对上市公司施加重大影响的投资方;内部资本市场的资本流入,表示内部资本市场中的资本流向上市公司;内部资本市场的资本流出,表示资本从上市公司流向内部资本市场中的其他公司;内部资本市场的资本净流入,表示某一会计年度内上市公司的内部资本市场的资本流入-内部资本市场的资本流出;内部资本市场的活跃程度,表示某一会计年度内上市公司的内部资本市场的资本流入+内部资本市场的资本流出。实证检验得出的主要结论如下:第一、环境不确定性程度越高,内部资本市场的活跃程度越高、内部资本市场的资本流入越多、内部资本市场的资本净流入越多;相对于国有企业,民营企业的环境不确定性与内部资本市场的资本流入和资本净流入的正相关性更强。进一步研究发现:在高环境不确定性组中,环境不确定性程度与内部资本市场活跃程度显著正相关性,而在低环境不确定性组中,环境不确定性程度与内部资本市场之间没有显著相关性;环境不确定性程度与内部资本市场资本流入的显著正相关性,在高环境不确定性组和民营企业组中存在,低环境不确定性组和国有企业组中不存在显著相关性;环境不确定性程度与内部资本市场净流入的正相关性,在高环境不确定性组和民营企业组中存在,在低环境不确定性组和国有企业组中没有显著相关性;环境不确定程度越高,内部资本市场的资本流出越多;环境不确定性程度与内部资本市场资本流出的正相关性,在高环境不确定性组、民营企业组和国有企业组中均存在,而低环境不确定性组中没有显著相关性。第二、环境不确定性程度越高,受到融资约束的企业表现出更高的内部资本市场活越程度、更多的内部资本市场的资本流入;在高融资约束组中,融资约束越高内部资本市场资本的净流入越多,但在低融资约束组中,融资约束与内部资本市场的资本净流入之间没有显著相关性;相对于国有企业,民营企业的环境不确定性程度越高,融资约束与内不资本市场的资本流入以及净流入的正相关性更强。进一步研究发现:环境不确定性程度越高,在低融资约束组和高融资约束组中均表现出融资约束与内部资本市场活跃程度的正相关性,但在高融资约束组中的系数更大;在民营企业样本组中,环境不确定性程度越高,融资约束与内部资本市场活跃程度显著正相关,但在国有企业样本组中没有显著相关性;环境不确定性程度越高,在高融资约束组和民营企业组中,融资约束与内部资本市场资本流入显著正相关,但在国有企业样本和低融资约束组中不存在显著相关性;环境不确定性程度越高,在高环境不确定性组和民营企业样本组中,融资约束与内部资本市场资本流入之间显著正相关,但在低融资约束组和国有企业样本组中没有显著相关性;环境不确定性程度越高,受到融资约束的企业表现出更多的内部资本市场资本流出;环境不确定性程度越高,在低融资约束组和国有企业样本组中,融资约束与内部资本市场资本流出显著正相关,但在高融资约束组和民营企业样本组中没有显著相关性。第三、随着环境不确定性程度的提高,内部资本市场的资本流入对企业价值的提升作用受到显著抑制,内部资本市场的资本流出对企业价值的减损将得到缓解。进一步研究发现:环境不确定性程度越高,在高不确定性组和民营企业样本组中,内部资本市场资本流入对企业价值的提升作用受到显著抑制,但在低环境不确定性样本组和国有企业样本组中没有显著相关性;在低环境不确定性组、高环境不确定性组、民营企业组以及国有企业组中,内部资本市场的资本流出与企业价值之间均没有显著相关性;环境不确定性程度越高,内部资本市场的活跃程度与企业价值之间没有显著相关系;在低环境不确定性组、高环境不确定性组、民营企业样本组以及国有企业样本组中,内部资本市场的活跃程度与企业价值之间没有显著相关性;环境不确定性程度越高,内部资本市场的资本净流入与企业价值之间没有显著相关性;环境不确定性程度越高,在低环境不确定性组和国有企业样本组中,内部资本市场的资本净流入对企业价值的提升受到显著抑制,但在高环境不确定性组和民营企业样本组中没有显著相关性。本文的创新之处在以下几个方面:第一、本文从环境不确定性视角研究了内部资本市场;环境不确定性导致了经营风险、业绩波动以及信息不对称等问题,这将直接影响上市公司在外部资本市场中的融资成本和融资难度;内部资本市场具有统一管理分散资金、缓解融资约束并实现资源配置的功能,因此企业环境不确定性较高时,内部资本市场对高环境不确定性企业提供融资支持的可能性更高;本文将内部资本市场划分为:内部资本市场活跃程度、内部资本市场的资本流入、内部资本市场的资本流出以及内部资本市场的资本净流入,分别从四个角度对环境不确定性与内部资本市场之间的关系做了更加深入的研究。基于以上分析可知,从环境不确定性视角研究内部资本市场问题具有重大意义。第二、本文将环境不确定性与产权性质相结合,研究了不同产权性质下,环境不确定性与内部资本市场之间的关系,丰富了内部资本市场研究的内容。第三、本文将环境不确定性与融资约束相结合,研究了在环境不确定性与融资约束交互影响下,内部资本市场作用的发挥。第四、本文研究了不同的环境不确定性以及内部资本市场不同的流向情况下,内部资本市场对企业价值的影响;细化了内部资本市场与企业价值关系的研究,弥补了相关文献的研究空白。
[Abstract]:The uncertainty of the environment leads to the enterprise's performance fluctuation, the management risk and the information asymmetry, thus transmitting the unfavorable signal to the external capital market, reducing the willingness of the investors in the external capital market to provide the financing support to the highly uncertain enterprises, and increasing the financing difficulty and the financing cost of the enterprises with high environmental uncertainty; however, however, the financing cost and financing cost of the enterprises with high environmental uncertainty are increased. The higher the degree of uncertainty of the environment, the higher the degree of uncertainty in the environment, the management of the enterprise needs enough cash holdings to deal with the risk of management. The existing research shows that the internal capital market is produced to overcome the friction of the external capital market, to reduce the transaction cost, to provide financial support for the internal enterprises, and to have a unified management point for the enterprise group. The more the internal capital market has sufficient funds to provide financial support for its members, the higher the degree of uncertainty, the more active the internal capital market is, the more capital inflow of the internal capital market, and the internal capital inflow. The inflow of capital is greater than its capital outflow to the internal capital market. That is, companies with high environmental uncertainty have positive net inflow of internal capital. Because of the greater restrictions on the external financing of enterprises with high financing constraints, their operating activities are more dependent on the internal capital of the enterprise; because of this, the interaction between environmental uncertainty and financing constraints is affected. Under the uncertainty of the high environment, the financing constrained enterprises have a stronger financing demand for the internal capital market, showing a significant inflow of capital in the internal capital market, and the inflow of internal capital is greater than its capital outflow to the internal capital market, showing a positive net inflow of internal capital. Under the special economic environment, the external capital market is not yet developed, and the state-owned enterprises occupy an absolute majority in the listed companies of our country. In addition, most of the commercial banks in our country are state-owned holding or state-owned enterprises. Because of the special relationship between the state-owned enterprises and the government and the commercial banks, the state-owned enterprises are easier than the private enterprises. With the support of bank credit funds, it has a relatively relaxed external capital market environment. In addition, the state-owned enterprises also bear relatively more social burdens while pursuing economic benefits. Therefore, the state-owned enterprises are more likely to obtain financial support provided by the government when facing high environmental uncertainty. In private enterprises, the desire to seek financing support from the internal capital market is relatively weak when the state-owned enterprises are facing the uncertainty of the high environment. The degree of uncertainty of the environment reflects the business risk of the enterprise. The enterprise with high environmental uncertainty has a relatively higher risk of operation. In order to resist the operation risk, the enterprise has a relatively high risk to the internal capital market. In search of more financing support, this will lead to more negative economic consequences: on the one hand, more cash flows for enterprises with high environmental uncertainty are brought, and the agency costs of high environmental uncertainty are increased; on the other hand, from the enterprise group as a whole, the capital flows to the high environmental uncertainty enterprises do not have the funds. Therefore, the capital inflow of enterprises with high environmental uncertainty will lead to the reduction of its value, and the capital outflow of enterprises with high environmental uncertainty will not cause the loss of enterprise value. On the basis of theoretical analysis, the paper uses empirical research methods to test the uncertainty of the environment and the internal capital market, and the uncertainty of the environment, The relationship between financing constraints and internal capital markets, and the uncertainty of the environment, the relationship between the internal capital market and the value of the enterprise. The relevant important concepts involved in this paper are defined as follows: the internal capital market. This article considers the capital transaction, guarantee or collateral, equity transaction and debt and debt transaction as internal between the four types of affiliated enterprises. Capital market: the parent company of a listed company, a subsidiary of a listed company, other companies under the control of the same parent company with a listed company, and an investor with significant influence on the listed company; the capital inflow of the internal capital market indicates that the capital flows to the listed company in the internal capital market; the capital outflow of the internal capital market is expressed as a sign of the capital outflow of the internal capital market. Capital flows from a listed company to other companies in the internal capital market; the net capital inflow of the internal capital market, indicating the capital inflow of the internal capital market of the listed company in an accounting year - the capital outflow of the internal capital market; the activity of the internal capital market, indicating the internal capital of a listed company in an accounting year. The main conclusions are as follows: first, the higher the degree of uncertainty of the environment, the more active the internal capital market is, the more capital inflows in the internal capital market, the more net capital inflow of the internal capital market; the ring of the private enterprise relative to the state-owned enterprises. The uncertainty of environment is more positively correlated with the inflow of capital and the net inflow of capital. Further research has found that in the group of high environmental uncertainty, the degree of environmental uncertainty is positively correlated with the activity of internal capital market, while in the group of low environmental uncertainty, the degree of environmental uncertainty and the internal capital market There is no significant correlation between the degree of environmental uncertainty and the capital inflow of internal capital market, and there is no significant correlation between the low environment uncertainty group and the state-owned enterprise group in the high environment uncertainty group and the private enterprise group, and the degree of environmental uncertainty is positively related to the net inflow of the internal capital market. In the high environment uncertainty group and the private enterprise group, there is no significant correlation between the low environment uncertainty group and the state-owned enterprise group; the higher the environment uncertainty is, the more capital outflows in the internal capital market; the positive correlation between the degree of environmental uncertainty and the capital market capital outflow in the internal capital market, in the high environment uncertainty group, There is no significant correlation between the group of private enterprises and the group of state-owned enterprises, and there is no significant correlation in the low environment uncertainty group. Second, the higher the degree of uncertainty of the environment, the higher the level of the internal capital market, the more the inflow of the internal capital market, the higher the financing constraints in the high financing constraint group. There are more net inflows of capital market capital in internal capital market, but there is no significant correlation between financing constraints and net capital inflow in the internal capital market in the low financing constraint group; the higher the degree of environmental uncertainty is, the more positive correlation between the financing constraints and the inflow of capital and the net inflow in the non capital market relative to the state-owned enterprises. The further study found that the higher the degree of environmental uncertainty, the positive correlation between the financing constraints and the internal capital market activity in both the low financing constraint group and the high financing constraint group, but the higher coefficient in the high financing constraint group; the higher the degree of environmental uncertainty in the private enterprise sample group, the financial constraints and internal constraints. There is a significant positive correlation between the activity of capital market, but there is no significant correlation in the sample group of state-owned enterprises. The higher the degree of uncertainty of the environment, the financial constraints are positively related to the inflow of capital market capital in the high financing constraint group and the private enterprise group, but there is no significant correlation between the state-owned enterprise sample and the low financing constraint group. The higher the degree of environmental uncertainty, the more positive correlation between the financing constraints and the inflow of capital market capital in the high environmental uncertainty group and the private enterprise sample group, but there is no significant correlation between the low financing constraint group and the state-owned enterprise sample group. The higher the degree of environmental uncertainty, the enterprises which are constrained by the financing are more displayed. The more internal capital market capital outflows; the higher the degree of uncertainty of the environment, in the low financing constraint group and the sample group of state-owned enterprises, the financing constraints are positively related to the capital outflow in the internal capital market, but there is no significant correlation between the high financing constraint group and the private enterprise sample group. Third, with the increase of the degree of environmental uncertainty, The inflow of capital inflow in the internal capital market has been significantly inhibited by the promotion of the value of the enterprise, and the loss of the capital outflow from the internal capital market to the value of the enterprise will be relieved. There is no significant correlation between the low environment uncertainty sample group and the state-owned enterprise sample group. In the low environment uncertainty group, the high environment uncertainty group, the private enterprise group and the state-owned enterprise group, there is no significant correlation between the capital flow of the internal capital market and the enterprise value. The higher the degree of uncertainty is, there is no significant relationship between the activity of internal capital market and the value of enterprise. In the group of low environment uncertainty, the group of high environment uncertainty, the sample group of private enterprise and the sample group of state-owned enterprises, there is no significant correlation between the activity of the internal capital market and the value of the enterprise; the environment is inaccurate. The higher the qualitative degree is, there is no significant correlation between the net capital inflow of the internal capital market and the value of the enterprise. The higher the degree of uncertainty of the environment, the increase of the net capital inflow of the internal capital market to the enterprise value is significantly inhibited in the low environment uncertainty group and the sample group of the state-owned enterprises, but in the high environment uncertainty group and the people. There is no significant correlation in the sample group. The innovation of this paper is in the following aspects: first, this paper studies the internal capital market from the perspective of environmental uncertainty; environmental uncertainty leads to business risk, performance fluctuation and information asymmetry, which will directly affect the financial market of Listed Companies in the external capital market. In the internal capital market, the internal capital market is more likely to provide financial support for enterprises with high environmental uncertainty. The internal capital market is divided into internal capital. Market activity, capital inflow of internal capital market, capital outflow in internal capital market and the net capital inflow of internal capital market, the relationship between environmental uncertainty and internal capital market is further studied from four angles. Based on the above analysis, we can find out the interior of the environment from the perspective of environmental uncertainty. The problem of capital market is of great significance. Second, this paper, combining the uncertainty of the environment with the property property, studies the relationship between the uncertainty of the environment and the internal capital market under the nature of different property rights, and enriches the content of the research on the internal capital market. Third. This paper combines the uncertainty of the environment with the financing constraints, and studies the link in the loop. Under the interaction of boundary uncertainty and financing constraints, the role of internal capital market is played. Fourth. This paper studies the influence of the internal capital market on the enterprise value under the different environmental uncertainties and the different flow of internal capital market, and refines the research on the relationship between the internal capital market and the enterprise value, and makes up for Xiang Guanwen. The research is blank.

【学位授予单位】：中央财经大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F275;F832.51

【相似文献】