系族企业内部资本市场存在性及效率研究

发布时间：2018-08-24 18:53

【摘要】：内部资本市场一方面能缓解融资约束,优化资源配置,另一方面又易导致过度投资和“掏空”行为,其有效论和无效论均得到了相关实证。究其原因,影响内部资本市场配置效率的因素是复杂的,公司治理结构差异影响重大,有必要从系族实际出发系统性研究其一般规律。首先,本文从系族企业涵义界定切入,深入分析了系族企业的基本特征,发现系族企业往往实行集团模式多元化经营,存在内部资本市场和内部产品市场,具有复杂的股权控制结构和多层次代理问题。其次,从外部资本市场和内部资本市场的功能性出发,描述了内部资本市场市场的组织模式,并进一步通过多元线性回归方法检验了系族内部资本市场的存在性,研究结果表明:系族成员企业投资水平不仅受自身现金流显著影响,而且受系族内其他成员企业现金流显著影响,系族内部存在活跃的内部资本市场。然后,通过对比分析,将系族内部资本市场有效性界定为从长远角度有利于提升系族整体效率和价值的资本配置行为,系统分析了系族企业内部资本市场的影响因素及其影响结果。最后,运用敏感性托宾Q及敏感性现金流方法度量系族企业内部资本市场配置效率,构建公司治理变量及资产集中度指数HHI变量,并通过二元LOGISTIC模型进行回归分析,研究结果表明:当前股权结构下,系族上市公司股权集中度较高,系族上市公司董事会治理规模越大,系族上市公司董事会、监事会及管理层持股越多,系族企业内部资本市场资本配置越有效;系族上市公司总资产规模越大,资产集中程度越高,系族内部资本市场效率越低。
[Abstract]:On the one hand, the internal capital market can ease the financing constraints, optimize the allocation of resources, on the other hand, it is easy to lead to excessive investment and "tunneling" behavior. The reason is that the factors influencing the allocation efficiency of the internal capital market are complex, and the difference of corporate governance structure has a great influence on it. It is necessary to systematically study its general law from the actual situation of the family. First of all, this paper analyzes the basic characteristics of the family enterprises from the definition of the meaning of the family enterprises. It is found that the family enterprises often carry out diversified management of the group mode, and there are internal capital markets and internal product markets. It has complex ownership control structure and multi-level agency problem. Secondly, starting from the function of external capital market and internal capital market, this paper describes the organization mode of internal capital market, and further tests the existence of the family internal capital market by the method of multiple linear regression. The results show that the investment level of the family members is significantly affected not only by their own cash flow, but also by the cash flow of other members of the family, and there is an active internal capital market within the family. Then, through the comparative analysis, the paper defines the efficiency of the capital market within the family as the capital allocation behavior which is beneficial to enhance the overall efficiency and value of the family in the long run. This paper systematically analyzes the influencing factors and the results of the internal capital market of the family enterprises. Finally, using sensitive Tobin Q and sensitive cash flow methods to measure the efficiency of capital market allocation in family enterprises, we construct corporate governance variables and asset concentration index HHI variables, and make regression analysis through binary LOGISTIC model. The results show that: under the current ownership structure, the ownership concentration of the listed companies is higher, the larger the governance scale of the board of directors, the more the board of directors, the board of supervisors and the management of the listed companies. The more effective the internal capital market capital allocation is, the larger the total assets scale is, the higher the concentration of assets is, and the lower the efficiency of the internal capital market is.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F832.51;F224

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