最终控制人投资组合与企业风险分担:转嫁还是共担  

Ultimate Shareholders' Portfolios and Risk Distribution:Risk Shirking or Risk Sharing?

作　　者：王红建 汤泰劼 刘梓微 WANG Hongjian;TANG Taijie;LIU Ziwei(Nanchang University,33003;Peking University,100871;The University of Auckland,512026)

机构地区：[1]南昌大学经济管理学院 [2]北京大学光华管理学院 [3]奥克兰大学商学院

出　　处：《财贸经济》2018年第8期66-80,共15页Finance & Trade Economics

基　　金：国家自然科学基金项目"政府官员变更与会计政策选择:理论分析与经验证据"(71602069);第11批特别资助"放松利率管制;投融资结构选择与公司价值创造"(2018T110381);第61批中国博士后科学基金面上资助"利率市场化;企业财务行为与企业技术创新"(2017M610241);"广州区域低碳经济研究基地"的资助

摘　　要：同一个最终控制人对多家上市公司同时进行控股实际构成一个投资组合,研究其如何影响组合内企业风险分担行为,有助于打开上市公司最终控股人的投资决策"黑箱"。我们研究发现,虽然最终控制人投资组合分散有助于提高组合内企业的风险承担水平,但主要提高了组合内相对重要性更低企业的风险承担水平,且最终控制人在相对重要性更高的公司进行了更多的支持型关联交易与更少的掏空型关联交易,从而证实了控股股东与非控股股东之间的"风险转嫁"假设。进一步检验还发现,最终控制人投资组合内企业多元化程度越高,其投资组合分散程度对企业风险承担的促进作用越明显。本文不仅拓展并深化了投资组合原理在最终控制人控股多家公司这一实践层面的应用,而且揭示了最终控制人在组合内企业中风险分担行为及其"转嫁"机理,对我国未来经济体制改革和多层次资本市场建设与监管均具有重要的启示意义。A number of listed companies controlled by the same ultimate shareholder are regarded as a portfolio,which can diversify risks.It is an issue worth exploring that how the portfolio influences related companies risk diversification.We find that well diversified portfolios help increase the risk-taking level of the companies concerned;the companies deemed to have less importance in ultimate shareholders portfolios can undertake riskier projects.This is about risk transfer.The more diversified the portfolio is,the higher value the related company will have.Compared with the less important companies,those with much importance will have higher value.It is consistent with the risk distribution and risk transfer behavior.Further test shows that the more diversified the business of the enterprise within the ultimate controller portfolio is,the greater risk-taking ability it will have.The paper not only broadens and deepens the application of the portfolio theory in the practice of ultimate shareholders controlling a number of companies,but also reveals the mechanism of risk distribution in ultimate shareholders portfolios and how it influences corporate values.It also has important implications to market reform and construction.

关 键 词：投资组合 风险分担 风险转嫁 投资多元化 

分 类 号：F270[经济管理—企业管理]