企业集团风险传染效应研究——来自集团控股上市公司的经验证据  

Research on the Effection of Risk Contagion in Business Group——Empirical Evidences from Group Controlled Listed Companies

作　　者：纳鹏杰[1] 雨田木子 纳超洪[1] 

机构地区：[1]云南财经大学会计学院,650221

出　　处：《会计研究》2017年第3期53-60,共8页Accounting Research

基　　金：国家自然科学基金(71262019;71462031);教育部人文社会科学规划基金(12YJA630092)的资助

摘　　要：针对企业集团内部公司间的风险传染效应问题,本文首次研究了中国同一企业集团控股的不同上市公司之间风险是否传染、如何传染以及风险管控效应。研究发现,当集团内某一上市公司风险增加时,次年集团成员上市公司风险会上升,而且无论是财务风险还是市场风险均存在传染效应。本文进一步研究发现集团内关联交易、担保、债务是集团内公司风险传染的重要路径。最后借助集团管控的数据分析显示,集团金字塔结构导致的两权分离、高管兼任会加剧风险传染,上市公司风险治理如风险管理委员会、董事会成员的财务或法律背景、公司的风险管理制度能够有效缓解风险传染。本文的研究为集团风险传染机制和风险管理提供了独特视角和重要经验证据。This paper studies whether the risks of different listed companies which controlled by the same business group in China are contagious,how to infect and the effect of risk management.We find that when one group controlled listed company’s risk increases,other group controlled listed companies’risk will increase in the next year.Further,intra-group related transactions,guarantees,debt are important ways of risk contagion within the business group.Finally,the separation between control rights and cash flow rights,the interlock of senior executives will exacerbate the risk contagion but risk management committee,the number of financial or legal expert in the board of directors and company’s risk management system will mitigate it.Our research provides a unique perspective and important empirical evidence for the risk contagion mechanism and risk management of the business group.

关 键 词：企业集团 风险传染 传染路径 风险管理 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]