集团财务资源配置对企业资本结构动态调整的影响——基于集团企业内部资本市场的研究
发布时间：2018-07-31 12:55
【摘要】：本文以2003-2012年上市公司集团为研究样本,分析集团总部在其下属上市公司中的现金分布情况,考察了集团财务资源配置水平对各上市公司资本结构动态调整的影响。研究表明:获得集团总部现金配比越高的上市子公司,其资本结构调整速度越慢;而集团总部现金配比越低的上市子公司,其资本结构调整速度越快。本文的经验证据将为完善集团公司内部资本市场提供思路。
[Abstract]:This paper takes the group of listed companies from 2003 to 2012 as the research sample, analyzes the cash distribution of the group headquarters in its subordinate listed companies, and examines the influence of the level of financial resources allocation of the group on the dynamic adjustment of the capital structure of the listed companies. The research shows that the higher the cash ratio of the group, the slower the adjustment of capital structure of the listed subsidiary, while the lower the cash ratio of the group, the faster the adjustment of the capital structure of the listed subsidiary. The empirical evidence in this paper will provide ideas for improving the internal capital market of group companies.
【作者单位】： 中南财经政法大学会计学院;
【分类号】：F275;F832.5;F224
[Abstract]:This paper takes the group of listed companies from 2003 to 2012 as the research sample, analyzes the cash distribution of the group headquarters in its subordinate listed companies, and examines the influence of the level of financial resources allocation of the group on the dynamic adjustment of the capital structure of the listed companies. The research shows that the higher the cash ratio of the group, the slower the adjustment of capital structure of the listed subsidiary, while the lower the cash ratio of the group, the faster the adjustment of the capital structure of the listed subsidiary. The empirical evidence in this paper will provide ideas for improving the internal capital market of group companies.
【作者单位】： 中南财经政法大学会计学院;
【分类号】：F275;F832.5;F224
【参考文献】
相关期刊论文 前3条
1 姜付秀;黄继承;;市场化进程与资本结构动态调整[J];管理世界;2011年03期
2 盛明泉;张敏;马黎s，
本文编号：2155647
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