财务共享会影响投资效率吗?——基于上市公司建立财务共享服务中心的经验证据  

Does Financial Shared Service Impact Investment Efficiency? Empirical Evidence from the Establishment of Financial Shared Service Center of Listed Companies

作　　者：吕佳宁 宋衍蘅[3] 宋云玲[4] Lyu Jianing;Song Yanheng;Song Yunling

机构地区：[1]集美大学工商管理学院,福建厦门361021 [2]集美大学闽台政府审计研究中心,福建厦门361021 [3]北京外国语大学国际商学院,北京100089 [4]内蒙古大学经济管理学院,内蒙古呼和浩特010021

出　　处：《证券市场导报》2023年第11期56-67,共12页Securities Market Herald

基　　金：国家自然科学基金项目“中国多梯队审计市场竞争格局及其经济后果研究”(批准号:72072015);北京外国语大学“双一流”重大(点)标志性项目研究成果“后疫情时期全球化风险研究:金融安全与商务风险视角”(项目编号:987654321)。

摘　　要：本文以2007―2021年A股上市公司为研究样本,探讨财务共享对企业投资效率的影响。研究发现,财务共享提升了企业投资-投资机会敏感性并降低了非效率投资。中介效应检验发现,财务共享通过缓解信息不确定性的负面影响、提升企业内部信息传递效率以及增强外部监督进而提升企业投资效率。进一步研究发现,当子公司数量较多、实施激进型战略、子公司收入占比较高时,企业实施财务共享的动机较强,财务共享提升企业投资效率的作用更显著;当存在高管纵向兼任、多元化程度较低时,企业实施财务共享的能力较强,财务共享提升企业投资效率的作用更显著。整体而言,财务共享能提升企业投资效率。本文丰富了财务共享经济后果和企业投资效率影响因素的相关研究。Using a sample of A-share listed companies from 2007 to 2021,this paper examines the impact of the financial shared service on corporate investment efficiency.The results show that implementing the financial shared service increases the sensitivity of investment to investment opportunities and reduces inefficient investments.The mediation effect test indicates that the improvement of corporate investment efficiency is mainly driven by the mitigation of the negative impacts of information uncertainty,the enhancement of the efficiency of information transfer within the company,and strengthened external supervision brought by the financial shared service.Further analysis shows that when the firms have more subsidiaries,more aggressive corporate strategy,and higher percentage of income from subsidiaries,the firms have stronger incentives to implement the financial shared service,and the impact of the financial shared service on investment efficiency is more significant.In addition,when the firms have vertical interlocks of executives and lower levels of diversity,the firms have stronger capability to implement the financial shared service,and the effect of the financial shared service on improving corporate investment efficiency is more significant.Overall,the financial shared service improves corporate investment efficiency,which enriches the research on the economic consequences of the financial shared service and the determinants of corporate investment efficiency.

关 键 词：信息不确定性 财务共享服务 投资效率 投资机会 投资决策 

分 类 号：F233[经济管理—会计学]