终极控制人股权特征与公司投融资策略研究——来自中国制造业上市公司的经验证据  

Research on Equity Characteristics of Ultimate Controller and Corporation's Investment and Financing Strategy——Empirical Evidence from Listed Chinese Manufacturing Companies

作　　者：高友才[1] 刘孟晖[1] 

机构地区：[1]郑州大学商学院,河南郑州450001

出　　处：《中国工业经济》2012年第7期96-108,共13页China Industrial Economics

基　　金：教育部人文社会科学研究规划基金项目"基于终极控制权的大股东治理及其现金股利行为研究"(批准号12YJA630074)

摘　　要：公司投融资策略是营运资本管理的主要内容,事关公司流动资产的盈利性与安全性,而如何保持公司的流动资产水平和流动负债水平相匹配,是营运资本管理和内部财务控制的关键所在。本文在追索终极控制人所有权与控制权的基础上,对公司投融资策略进行了划分,并利用2009—2010年中国沪市和深市制造业A股上市公司样本数据,实证检验了终极控制人股权特征与公司投融资策略之间的关系。研究结论表明:随着终极控制人所有权与控制权比例的逐渐提高,公司投融资策略趋于保守;过度集中或分散的终极控制人所有权与控制权比例都会导致不匹配的投融资策略,适度的所有权与控制权集中会使公司投融资策略达到匹配;国有性质的终极控制人能够抑制保守投融资策略或风险投融资策略,但私有性质的终极控制人却使公司投融资策略更加趋于保守或风险。本文研究结论对于规范公司终极控制人投融资行为、改善公司治理水平具有重要启示作用。Corporation＇s investment and financing strategy is the main content of the working capital management,which relates to the profitability and safety of corporation＇s liquid assets. How to match corporation＇s liquid assets level with liquid liabilities level is key to working capital management and internal financial control. On the basis of seeking for ownership and control of ultimate controller, the thesis classifies corporation＇s investment and financing strategy, and inspects the relationship between equity characteristics of uhimate controller and corporation＇s investment and financing strategy using the data of Chinese manufacturing listed companies during 2009--2010. Research results indicate that： Corporation＇ s investment and financing strategy tends to be conservative with the proportion of ownership and control of ultimate controller gradually increasing. Excessive concentrated or scattered proportion of ownership and control of ultimate controller can lead to unmatching investment and financing strategy, and moderate concentration of ownership and control can lead to matching investment and financing strategy. The state-owned ultimate controller can restrain conservative or risky investment and financing strategy, but privately-owned ultimate controller makes investment and financing strategy more conservative or risky. The conclusion has the important revelatory function to specificate ultimate controller＇s investment and financing behavior and improve the level of corporate governance.

关 键 词：终极控制 股权特征 投融资策略 匹配策略 

分 类 号：F276.6[经济管理—企业管理]