民营企业股权型产融结合的财务风险研究——来自上市公司的经验证据  

Study on the Financial Risk of Equity-type Financial-industrial Integration in Private Enterprise:Evidence From Chinese Listed Enterprises

作　　者：娄淑珍 吴俊杰[1] 黄玉英[1] 

机构地区：[1]浙江树人大学管理学院,浙江杭州310015

出　　处：《科技进步与对策》2014年第23期93-98,共6页Science & Technology Progress and Policy

基　　金：浙江省哲学社会科学规划项目(12JCGL18YB);浙江省软科学重点项目(2013C25071);浙江省教育厅项目(Y201432525)

摘　　要：强融资约束下,民营企业广泛实施产融结合创新发展战略,但近年来失败案例激增,其背后隐藏的关联交易、杠杆效应等风险日益凸显。聚焦民营企业中最为常见的股权型产融结合(产业资本投向金融),研究其财务风险影响因素和治理对策。在构建财务风险测量模型和影响因素模型基础上,选取民营上市公司财务报告数据,统计检验内外部因素对财务风险的影响程度。研究发现:在外部影响因素中,政府干预程度对财务风险有显著正向影响;在内部因素中,产融结合程度对其财务风险的影响呈现区间差异;参股金融机构数量超过3家,财务风险会显著增加;在民营企业参股金融机构类型中,财务风险最大的是担保机构。While the private enterprises adopt the strategy of financial-industrial integration under strong financing con- straints, the huge related financial risk is gradually revealed and failure cases increasing in recent years. The study focuses on the most commonly used pattern- ＂equity type ＂ financial-industrial integration （industrial capital invest to financial cap- ital）, to analyze the financial risk factors and management countermeasures. Building the financial risk measurement mod- el and the influencing factors model, then select financial reporting data of private listed enterprises as sample, empirically test the internal and external influencing factors influence degree of financial risk. The study found that the degree of gov- ernment intervention has a significant positive effect on financial risk in external influence factors. The degree of imple- mentation has range differences effect to the financial risk in internal factors. If the number of investment institutions more than three, financial risk will increase significantly. Invest in guarantee agencies have the biggest financial risk for private enterprises financial-industrial integration.

关 键 词：民营企业 股权型产融结合 财务风险 影响因素 

分 类 号：F276.5[经济管理—企业管理]