金融危机冲击对企业集团内部资本市场运行的影响——来自我国民营系族企业的经验证据  

The Impact of Financial Crisis on Internal Capital Market of Business Group——Empirical Evidence from Private Family Firms

作　　者：马永强[1] 陈欢[1] 

机构地区：[1]西南财经大学,611130

出　　处：《会计研究》2013年第4期38-45,95,共8页Accounting Research

基　　金：国家自然科学基金项目(71072168和71272245)的阶段性成果;教育部新世纪优秀人才支持计划;西南财经大学2012年度博士研究生科研课题(JBK1207043)的资助

摘　　要：金融危机冲击下,内部资本市场的运行会发生怎样的调整与变化?内外部资本市场间究竟存在怎样的相互关系?本文以2008年金融危机为背景研究了外部冲击对内部资本市场运行的影响。研究发现:常态经济运行环境下,企业集团通过活跃的内部资本市场来缓解融资约束,但金融危机爆发后,内部资本市场的这种作用消失了;当受到外部冲击时,内部资本市场被外部债务市场所替代。此外,危机爆发前,虽然系族总部通过内部资本市场进行了"交叉补贴",但其并非在系族内"挑选胜者",而更多地考虑企业的投资机会在行业中的相对水平。What would internal capital markets adjust and change under the impact of Financial Crisis? What is the mutual relationship between internal and external capital markets? In this paper,we investigate the impact of external shocks on the internal capital markets based on the background of 2008 Financial Crisis.Our results show that private family enterprises would relieve financing constraints through the active internal capital markets in the normal economic environment;however,the positive effects of their internal capital markets disappear after Financial Crisis explodes.The firms' internal capital markets are replaced by the external debt markets when suffering from the outside shocks.In addition,before the crisis,the headquarter of enterprise clusters conducting'cross-subsidies'through internal capital markets is not for'picking winners'inside,but for considering more about the relative level of enterprise investment opportunities within a industry.

关 键 词：金融危机冲击 内部资本市场 机制变化 

分 类 号：F276.5[经济管理—企业管理]