企业集团的逆周期投资行为研究:基于“稳投资”的视角  

Research on the Counter-cyclical Investment Behavior of Business Groups:From the Perspective of"Maintaining Stable Investment"

作　　者：邢斐[1] 唐慧 Xing Fei;Tang Hui

机构地区：[1]华中科技大学经济学院,430074

出　　处：《南方经济》2023年第10期1-29,176,共30页South China Journal of Economics

基　　金：国家自然科学基金面上项目“企业集团、产业政策与企业技术创新”(71874061)资助。

摘　　要：文章从“稳投资”的角度,以2007—2019年中国A股上市企业为样本,研究了集团成员企业在应对宏观经济环境变化时的积极作用:与独立企业相比,企业集团的内部资本市场通过提供成本更低、财务灵活性更强的内源融资实现了对外部资本市场的替代,因此集团成员企业对宏观经济波动引致的外部融资环境变动更加不敏感,进而使其投资呈现逆周期性特点;进一步地,在投资机会高、内部资本生成率低或者现金流波动性大的企业中,集团内部资本市场缓解融资约束进而“稳投资”的功能更加显著;文章的结果证实了企业集团内部资本市场的积极作用,排除了可能存在的其他机制的影响(企业金融化、内部劳动力市场、代理问题、投资机会敏感性、大企业集团的影响)。因此,文章的研究验证了企业集团在应对宏观经济波动时“稳投资”的作用,并借助企业集团这一组织形式深化了宏观经济波动向微观企业传导机制的研究,这对新常态下推动经济平稳健康运行,以及实现“六稳”工作目标具有借鉴意义。Based on a comprehensive review of the achievements of economic work,the Central Economic Work Conference for 2021 emphasized that China's economy still faces significant pressures and challenges amidst the century's transformation.Therefore,the conference reiterates the need to continue the"six stability"and"six guarantees"work.Meanwhile,in the long-term process of economic development,the macroeconomic environment's fluctuations may cause the cyclical variation of investments,leading to the exacerbated economic fluctuations.In this context,it is even more critical to focus on how to maintain the stability of the real economy when the macroeconomic environment changes.From the perspective of"maintaining stable investment",this paper examines the positive role of business group-affiliated firms in responding to changes in the macroeconomic environment,using a sample of Chinese A-share listed companies from 2007 to 2019:compared with independent firms,the internal capital market of business groups achieves a lower cost and more financially flexible alternative to external capital markets by providing endogenous financing.As a result,business group-affiliated firms are less sensitive to changes in the external financing environment caused by macroeconomic fluctuations,which results in low volatility of their investments;Furthermore,in firms with high investment opportunities,low internal capital generation rate or high cash flow volatility,the function of the internal capital market to ease financing constraints and ensure stability in investment is more significant.The results of this paper confirm the positive role of the internal capital markets in business groups and exclude the influence of other possible mechanisms(corporate financialization,internal labor market,agency problems,investment opportunity sensitivity,and the influence of large business groups).Therefore,the research of this paper verifies the role of business groups to stabilize investment in response to macroeconomics fluctuations and deepens th

关 键 词：企业集团 内部资本市场 宏观经济条件 投资 

分 类 号：F425[经济管理—产业经济]