多重关联下PE/VC持股对公司财务风险影响的传导效应  

The Intermediary Conduction Effect of PE/VC Shareholding on the Company's Financial Risk under Multiple Correlations in China

作　　者：杨嵩 张涤新[2] YANG Song;ZHANG Dixin(School of Mathematics and Statistics,Guizhou University of Finance and Economics,Guiyang 550025,China;School of Economics,Nanjing University,Nanjing 210093,China)

机构地区：[1]贵州财经大学数统学院,贵州贵阳550025 [2]南京大学经济学院,江苏南京210093

出　　处：《审计与经济研究》2021年第5期106-117,共12页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71271108)。

摘　　要：在资本结构、股权结构及市场价值三类多重关联关系下,研究了我国PE/VC持股对公司财务风险影响的多重传导效应。实证检验表明:我国PE/VC的介入会加剧其持股公司发生财务风险的危机,且在该影响过程中,资本结构波动和市场价值波动会增加公司财务风险,而股权结构波动可抑制公司财务风险发生。同时,股权结构波动的遮掩效应最为显著,资本结构波动次之,而市场价值波动的遮掩效应最弱。此外,这三类潜变量在该影响过程中的多重传导效应存在上市板块差异。Under the multiple correlations of capital structure,equity structure and market value,this paper studies the multiple intermediary conduction effects of PE/VC shareholding on the company’s financial risk.The empirical test shows that the involvement of PE/VC has a significant role in aggravating the financial risks of its holding companies in China,and in the process of this influence,fluctuations in the company’s capital structure and market value will increase the financial risk,while the equity structure fluctuations can restrain the occurrence of financial risk.At the same time,the masking effect of equity structure fluctuations is the most significant,followed by capital structure fluctuations,and the masking effect of market value fluctuations is the weakest.In addition,the multiple mixed mediating effects of these three latent variables in the influencing process have differences in listed plates.

关 键 词：PE/VC 财务风险 多重传导效应 资本结构 股权结构 市场价值 

分 类 号：F832.39[经济管理—金融学]