金融强监管与企业集团内部资本市场资源配置——来自资管新规的经验证据  

Strict Financial Regulation and the Resource Allocation in the Internal Capital Market of Business Group:Evidence from the New Asset Management Regulation

作　　者：汤晟 饶品贵[1] 李晓溪 TANG Sheng;RAO Pin-gui;LI Xiao-xi(School of Management,Jinan University)

机构地区：[1]暨南大学管理学院

出　　处：《中国工业经济》2024年第1期131-149,共19页China Industrial Economics

基　　金：国家社会科学基金重大项目“推进数字经济与实体经济有效融合的制度设计与实现路径研究”(批准号23&ZD089);国家社会科学基金重点项目“环境监管科技化驱动企业绿色发展的机制与路径研究”(批准号23AGL014);国家自然科学基金重点项目“数字经济下公司财务决策与资源配置效率研究”(批准号72132002)。

摘　　要：加强和完善现代金融监管是金融市场保持效率和活力的基础,也是提高资源配置效率的关键。本文基于资管新规实施这一准自然实验,研究金融强监管是否会促使企业集团内部资本市场资源动态调整进而达到优化资源配置效率的目标。研究发现,资管新规实施后,金融资产配置程度较高的企业集团,其子公司现金持有比率显著下降,这表明资管新规促进了企业集团的内部资本市场资源再配置。机制分析表明,资管新规通过降低金融投资活动利润率、减少金融资产配置作用于内部资本市场资源配置。进一步,面对资管新规的实施,集团母公司通过影响子公司分红决策来降低子公司持有现金比率。本文从集团管控动机和管控能力两方面进行异质性分析发现,管控动机越强(母子公司代理成本更高、母公司投资机会更大、企业集团行业竞争程度更激烈)、管控能力越大(母子公司地理距离越近、母公司对子公司平均持股比例更大)的集团,上述效果更明显。经济后果方面,资管新规促使企业集团内部资本市场资源动态调整这一行为最终提高了企业集团价值与全要素生产率,达到了优化资源配置效率目标。本文不仅从内部资本市场资源配置及其效率的角度为金融监管的经济后果提供了新的微观证据,也对处理好金融监管与实体经济增长的关系具有重要启示。On April 27,2018,four ministries and commissions including the People's Bank of China jointly issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions(hereinafter referred to as the New Asset Management Regulation),which represents the most extensive,stringent,and pioneering regulatory document in China's asset management industry.It attempts to optimize the structural allocation of financial resources through the comprehensive supervision over shadow banking activities,thereby promoting the financial sector to better serve the real economy.Using the quasi-natural experiment of the implementation of the New Asset Management Regulation,this paper explores whether the strict financial regulation promotes the dynamic adjustment of resources in the internal capital market of business group,thereby achieving the goal of improving the efficiency of resource allocation.This paper finds that after the implementation of the New Asset Management Regulation,the ratio of subsidiaries'cash holdings in business groups with a higher degree of financial asset allocation significantly decreased.Mechanism analysis indicates that the New Asset Management Regulation reduces the profit margin of financial investment activities and the allocation of financial assets,which are the potential channels.In addition,faced with the New Asset Management Regulation,the business groups realize the reduction of the ratio of subsidiaries'cash holdings by influencing the dividend decision of their subsidiaries.This paper conducts cross-sectional tests from two aspects,namely,the business group's motivation for control and the control capability,and finds that the above effect is stronger when the motivation for control is stronger,namely,when the agency cost between the parent company and its subsidiaries is higher,the investment opportunity of the parent company is greater,and the competition in the business group industry is more intense;when the control capability is greater,namely,when the geographical

关 键 词：金融监管 资管新规 企业集团 内部资本市场 现金持有比率 

分 类 号：F273[经济管理—企业管理]