多元化业务发展、子公司分布与资本配置的关联性研究  

A Study on the Relevance of Diversified Business Development,Subsidiary Company Distribution and Capital Allocation

作　　者：阎东彬 高伟峻 Yan Dongbin;Gao Weijun(Hebei Finance University,Tangshan,Hebei 071000)

机构地区：[1]河北金融学院会计学院,河北唐山071000

出　　处：《呼伦贝尔学院学报》2020年第4期41-46,共6页Journal of Hulunbuir University

基　　金：河北金融学院大学生创新创业训练计划项目资助“雾霾治理视角下的污染型企业碳会计信息披露研究”(201811420006)。

摘　　要：多元化业务发展引致的“潮涌现象”是阻碍我国上市公司发展的重要因素,资产在母子公司的低效配置显著影响着内部资本市场的结构。本文以子公司分布为切入点,考察了多元化业务发展对内部资本市场资本配置效率的影响。研究发现:多元化业务发展会显著降低上市公司整体的资本配置效率;当子公司的业务分布比例越高或子公司地理分布越广时,多元化业务发展对资本配置效率的削减作用有所降低。本研究揭示了子母公司多元化业务发展造成“潮涌现象”的内在机理,扩展了公司内部资本市场理论和资本配置效率分析的相关研究。Based on the distribution of subsidiaries,this paper investigates the impact of diversified business development on capital allocation efficiency in internal capital market.It is found that the development of diversified business will significantly reduce the overall capital allocation efficiency of listed companies.When the business distribution ratio of subsidiaries is higher or the geographical distribution of subsidiaries is wider,the reduction effect of diversified business development on capital allocation efficiency is reduced.This study reveals the internal mechanism of the"surging phenomenon"caused by the diversified business development of the parent company,and expands the theory of the company's internal capital market and relevant studies on the analysis of capital allocation efficiency.

关 键 词：多元化业务 子公司分布 资本配置 潮涌现象 

分 类 号：F275[经济管理—企业管理]