民营控股多家上市公司的财务风险研究  

Analysis of Financial Risk on Private Holding Multi-Listed Company

作　　者：谢玲芳[1] 任荣明[1] 

机构地区：[1]上海交通大学管理学院,上海200030

出　　处：《管理评论》2004年第9期29-34,共6页Management Review

摘　　要：本文以2000-2002年在上海和深圳证券市场公开交易的民营上市公司为基础进行了实证研究,民营企业根据其控制上市公司家数的不同分为控股单家和控股多家公司。与国有控股公司相比,民营控股多家上市公司形成超级金字塔控制链条,易导致经营和管理上的风险,尤以财务风险最为突出。本文通过财务预警Z值模型计算出三组样本Z值,并通过配对样本检验和多因变量线性模型方差分析等方法对其财务风险进行对比分析,发现民营控股多家上市公司财务风险最大,且有继续扩大的趋势。为防范金融风险,文章最后给出相关监管措施和建议。We make an empirical analysis based on private listed companies in Shanghai and Shenzhen exchange during 2000~2002. Private firms are divided into holding single listed companies and holding multi-listed companies according to the number of holding companies. In contrast to state holding companies, private holding multi-listed companies form a pyramid-like controlling chain, thus vulnerable to management risks, especially financial risks. We calculate the value Z of three samples through financial prediction model and process contrastive analysis, and make a comparative analysis to their financial risks through paired sample test and multivariate general linear model. Our findings show that the financial risk of private holding multi-listed companies is the biggest and tends to be even bigger. To keep away from financial risk, we finally give related measures and suggestions.

关 键 词：民营企业 并购 重组 上市公司 财务风险 中国 

分 类 号：F275[经济管理—企业管理]