外资控股对母公司资产配置行为研究——基于中国上市公司的微观证据  

Research on the Asset Allocation Behavior of the Parent Company by Foreign Holdings——Micro Evidence Based on Chinese Listed Companies

作　　者：王多仁 步丹璐[2] 王蕾[1] WANG Duoren;BU Danlu;WANG Lei(Lanzhou Jiaotong University,Lanzhou,Gansu 730070;Southwestern University of Finance and Economics,Chengdu,Sichuan 611130)

机构地区：[1]兰州交通大学,甘肃兰州730070 [2]西南财经大学,四川成都611130

出　　处：《岳阳职业技术学院学报》2025年第1期88-92,共5页Journal of Yueyang Vocational and Technical College

基　　金：2023年度甘肃省自然科学基金一般课题“去中心化社交网络幂律分布演化研究”(23JRRA898);2024年度甘肃省哲学社会科学规划办重点委托课题“甘肃提升能源消纳能力和储能产业发展研究”(2024ZD002)。

摘　　要：本文以外资控股上市公司后母公司报表中资产布局调整的事件,探究外资控股上市公司对母公司资产的配置策略与约束机制。文章采用档案式研究方法分析了A股上市公司的数据,研究发现:外资控股上市公司会降低母公司资产比重,影响母公司直接获利能力;进一步分析发现,与外资控股非重污染行业相比,外资控股重污染行业会更加倾向调整母公司资产配置,并通过关联交易、高额股利分配的方式进行盈利管理,但当存在高比例机构投资者持股时会制约外资进行母公司资产配置的行为。研究结论丰富了外资控股中国上市公司管理行为的研究,对管理部门拓宽监管渠道、制约外资控股侵蚀我国中小股东利益具有参考和启示意义。This article explores the asset allocation strategy and constraint mechanism of foreign controlled listed companies on the assets of their parent companies after the adjustment of their asset layout in their financial statements.The article uses a archival research method to analyze data from A-share listed companies and finds that foreign-owned listed companies will reduce the proportion of parent company assets,affecting the direct profitability of the parent company.Further analysis reveals that compared to non heavy polluting industries controlled by foreign capital,heavy polluting industries controlled by foreign capital are more inclined to adjust their parent company's asset allocation and manage profits through related party transactions and high dividend distributions.But when there is a high proportion of institutional investors holding shares,it will restrict foreign investment from allocating assets to the parent company.The research conclusion enriches the study of the management behavior of Chinese listed companies under foreign control,and has reference and enlightening significance for management departments to broaden regulatory channels and restrict foreign control from eroding the interests of small and medium-sized shareholders in China.

关 键 词：外资控股 资产配置 行为研究 

分 类 号：F273.4[经济管理—企业管理]