集团内部权力配置与企业债务违约风险——基于权力细分视角  

Power Allocation and Corporate Debt Default Risk within Group:A Comparative Study Based on Power Subdivision

作　　者：朱兆珍[1] 魏婷 罗加雯 Zhu Zhaozhen;Wei Ting;Luo Jiawen(School of Accounting,Anhui University of Finance and Economics,Bengbu,Anhui 233000,China)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233000

出　　处：《长沙理工大学学报（社会科学版）》2024年第4期86-100,共15页Journal of Changsha University of Science and Technology：Social Science

基　　金：安徽财经大学校级重点科研项目(ACKYB23013)。

摘　　要：文章以2007-2021年我国A股上市集团企业为研究对象,基于权力细分视角,分析财权、经营权及人事权配置对企业债务违约风险的影响。实证结果表明,集团内部财权、经营权集中配置及人事权分散配置通过内部资本市场资源配置和发挥治理效应能够降低企业的债务违约风险。进一步研究发现,财权集中与人事权分散配置、经营权集中与人事权分散配置、财权和经营权集中与人事权分散配置协同,能够降低企业债务违约风险。价值效应考察发现,财权、经营权集中配置及人事权分散配置对企业债务违约风险的抑制效应能够提升企业价值。集团化企业应重视并探索权力集中配置的治理优势,优化组织结构,进而提升企业价值。Taking China's A-share group listed companies from 2007 to 2021 as the research object,the study analyses from the power segmentation perspective the impact of the configuration among financial power,operating power and personnel power on the risk of corporate debt default.The empirical results show that the centralized allocation of financial and operating powers and the decentralized allocation of personnel power within the group can reduce the debt default risk through the allocation of resources in the internal capital market and the exertion of governance effects.Further research finds that such deeds synergistically reduce the debt default risk as centralized allocation of financial rights and decentralized allocation of personnel rights,centralized allocation of operating rights and decentralized allocation of personnel rights,and centralized allocation of financial rights and operating rights and decentralized allocation of personnel rights.The investigation of value effect finds that the inhibitory effect of the centralized configuration of financial and operating authority on the risk can ultimately enhance the enterprise value.Grouped enterprises should pay attention to and explore the governance advantages in centralized power allocation and optimize the organizational structure so as to enhance the enterprise value.

关 键 词：权力配置 债务违约风险 财权 经营权 人事权 三权协同 

分 类 号：F275[经济管理—企业管理]