企业集团内部资金支持发生机理与效果研究——基于风险倾向的调节作用  

Study on Mechanism and Effects of Business Group's Internal Financial Support——Based on the Moderator of Risk Propensity

作　　者：徐鹏[1] 刘萌萌[1] 陈志军[1] 

机构地区：[1]山东大学管理学院,济南250100

出　　处：《软科学》2014年第10期56-59,64,共5页Soft Science

基　　金：国家自然科学基金青年项目(71302089);国家社会科学基金青年项目(13CGL072);山东省社会科学规划研究项目(13BGLJ06)

摘　　要：选取我国集团属性的626家上市公司作为研究样本,利用连续5年所形成的3130组平衡面板数据对企业集团内部资金支持发生机理及其效果进行了实证分析,结果显示:集团公司对子公司控股比例越高,越倾向于提供更多的内部资金支持;集团内部资金支持会对子公司绩效产生正向推动作用;集团内部资金支持在集团公司控股比例与子公司绩效之间存在部分中介作用。同时,本文还探讨了子公司风险倾向在集团内部资金支持与子公司绩效之间的调节作用,结果表明:风险倾向越高的子公司,集团内部资金支持对子公司绩效促进作用越强。Selecting 626 public companies which belong to Chinese business group as research samples, using 3130 groups of balanced panel data forming in five consecutive years , this paper carry on empirical analysis of the mechanism and effects of business group＇ s internal financial support, and it draw the following conclusions ： the higher group company＇ s shareholding percentage to the subsidiary, the more internal financial support will be supplied to the subsidiary; the group＇ s internal financial support has a positive role in promoting subsidiary＇ s performance ; the group＇ s internal financial support has partial mediating impact between group company＇ s shareholding percentage and the subsidiary＇ s performance. At the same time, it discusses the subsidiary＇ s risk propensity as a moderator between group＇ s internal financial support and the subsidiary＇ s performance, the results show that the higher of the subsidiary＇ s risk propensity, the stronger promoting role of the group＇ s internal financial support to the subsidiary＇ s performance.

关 键 词：集团内部资金支持 集团公司控股比例 子公司绩效 风险倾向 

分 类 号：F275[经济管理—企业管理]