上市公司多元化经营、股权集中度与财务柔性  

Diversified Management, Equity Concentration, and Financial Flexibility of Listed Companies

作　　者：丁华[1] 刘晓雨 DING Hua;LIU Xiaoyu

机构地区：[1]东北林业大学经济管理学院,黑龙江哈尔滨150040

出　　处：《商业经济》2023年第12期165-168,192,共5页Business & Economy

摘　　要：基于2017—2021年3404家上市公司样本的财务数据,实证研究多元化经营与财务柔性之间的关系,并从股权集中度视角验证了其在多元化经营与财务柔性之间的调节作用。结果表明:选择多元化经营的上市公司财务柔性水平更低;股权集中度在其中具有调节效应,抑制了多元化经营与财务柔性的负相关关系。为了减少内部资本市场受到侵害,在多元化经营的上市公司内部建立财务共享中心可以有效解决现代多元化公司的资金配置问题,为公司规模发展提供有力保障。同时,上市公司必须积极完善公司股权治理,预防大股东的利益侵占行为,建立健全更完善的股东大会制度。Based on financial data from 3404 listed companies from 2017 to 2021,this study empirically investigates the relationship between diversified management and financial flexibility,and verifies the moderating effect of equity concentration between diversified management and financial flexibility.The results indicate that listed companies that choose diversified operations have lower levels of financial flexibility,and that the concentration of equity has a moderating effect,suppressing the negative correlation between diversified management and financial flexibility.In order to reduce the infringement to the internal capital market,establishing a financial sharing center within a diversified listed company can effectively solve the problemfor fund allocation in the companies and provide strong support for the development of the company scales.At the same time,listed companies must actively improve their equity governance,prevent the interest encroachment frommajor shareholders,and establish a more comprehensive systemof shareholders'meetings.

关 键 词：多元化经营 内部资本市场 股权集中度 财务柔性 

分 类 号：F270.3[经济管理—企业管理]