金融发展、债务融资约束与金字塔结构——来自民营企业集团的证据  

The Financial Development, the Debt Financing Constraint and the Pyramidal Structure

作　　者：李增泉[1] 辛显刚[2] 于旭辉[3] 

机构地区：[1]上海财经大学会计与财务研究院 [2]香港中文大学商学院 [3]上海财经大学会计学院

出　　处：《管理世界》2008年第1期123-135,共13页Journal of Management World

基　　金：国家自然科学基金资助项目<公司控制权安排和投资者利益保护>(批准号70473055);教育部人文社科重点研究基地重大项目<经济制度与会计信息契约有用性的关系研究>;<我国民营企业家族化的制度诱因与经济后果问题研究>的阶段性研究成果;上海市教育委员会和上海市教育发展基金会曙光计划项目的资助

摘　　要：本文从债务融资约束的角度分析了金字塔结构的成因,认为金字塔结构的杠杆效应能够放大企业集团的债务融资规模,从而更能适应存在融资约束的金融市场环境。以在我国证券市场公开发行股票的88家民营企业集团为样本,本文实证检验的结果表明,企业集团控制的金字塔层级越多,该企业集团的资产负债率会越高;母公司所在的地区融资约束越强,整个企业集团的金字塔结构层级会越多。该发现不仅有助于我们从理论层面更好地理解金字塔结构的普遍存在,而且对于防范民营企业集团的信贷风险、规范企业集团的融资行为、进而推动我国金融市场的健康发展有着重要的政策意义。Having analyzed from the angle of the control on debt financing the origin of the pyramidal structure (PS), we think that the leverage effect of PS can enlarge the debt financing scale of big enterprise groups, making them more adaptable to the financial markets where there exists financial constraints. Taking as our specimen 88 private enterprise groups that have issued stocks in China's securities markets, we have make a case study, the result of which indicates that the more the layers that the business group has, the higher the leverage rate, and that, the tighter the financing constraint in the area where the parent company is located, the more layers of the PS of the whole enterprise group. Not only are our findings conducive to better understanding theoretically the general existence of PS, but also they have great significance in policies for guarding against credit risks that private enterprise groups have, for standardizing the financing behavior of enterprise groups, and for further impelling the healthy development of China's financial markets.

关 键 词：融资约束 债务融资 金字塔结构 杠杆效应 

分 类 号：F830[经济管理—金融学] F276.5