控股股东财务资助与企业价值创造——基于民营上市公司的经验证据  

Financial Support of Controlling Shareholders and Enterprise Value Creation:Empirical Evidence Based on Private Listed Companies

作　　者：朱兆珍[1] 韦佩茹 余竹颖 ZHU Zhaozhen;WEI Peiru;YU Zhuying(School of Accountancy,Auhui University of Finance and Economics Accounting,Bengbu,Auhui 233030;School of Law,Nanjing Audit University,Nanjing,Jiangsu 211815)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030 [2]南京审计大学法学院,江苏南京211815

出　　处：《绵阳师范学院学报》2024年第1期34-46,57,共14页Journal of Mianyang Teachers＇ College

基　　金：安徽省哲学社会科学规划一般项目“共同富裕动态评价指数构建与应用研究”(AHSKY2022D091);安徽财经大学科研创新基金项目“控股股东财务资助与企业价值创造——基于民营上市公司的经验证据”(ACYC2022055)。

摘　　要：党的二十大报告再次重申“两个毫不动摇”,为民营企业价值创造提供强有力的政策支持,而融资方式是影响企业价值的重要因素之一。控股股东财务资助凭借其融资成本低、内部风险可控等优势,成为民营企业融资新渠道。以2007—2021年沪深A股民营上市公司为样本,实证检验了控股股东财务资助对企业价值创造的影响。研究结果发现,控股股东财务资助对企业价值创造具有显著的正向影响。作用机制研究表明,控股股东财务资助通过降低税收负担激发企业价值创造。异质性分析表明,控股股东财务资助对企业价值创造的促进作用随着产品市场竞争程度的提高而增强,且对小规模企业的影响更加明显。研究既丰富了控股股东财务资助的经济后果及企业价值创造影响因素方面的文献,又为相关部门制定政策制度提供参考以及民营上市公司有效融资提供了理论依据。The report of the Party's 20~(th) National Congress once again reaffirmed that the"Two no irresolutions"provide strong policy support for value creation for private enterprises.The financing method is one of the important factors affecting the value of enterprises,and the financial support from controlling shareholders with its advantages of low financing costs and internal risk control,became a new channel for financing private enterprises.Based on the date of the A-share private enterprises in Shanghai and Shenzhen from 2007 to 2021,the impact of financial support from controlling shareholders on enterprise value creation has been tested.The results show that the financial support of controlling shareholders has a significant positive impact on the value creation of enterprises.The research on the mechanism shows that financial support for controlling shareholders financial support for controlling shareholders.The heterogeneity analysis shows that that the role of financial support of controlling shareholders on enterprise value creation increases with the increase of product market competition positive and the impact on small-scale enterprises is more obvious.This study not only enriches the literature on the economic consequences of financial assistance of controlling shareholders and the influencing factors of enterprise value creation,but also provides a theoretical basis for the formulation of policies and systems by relevant departments,such as the government,and the effective funding of private listed companies.

关 键 词：控股股东财务资助 税收负担 产品市场竞争 企业价值创造 民营企业 

分 类 号：F832.5[经济管理—金融学]