融资约束、金融发展与集团内跨部门补贴

被引：4

作者：

万伟

曾勇

李强

机构：

[1] 电子科技大学经济与管理学院

来源：

系统工程 | 2015年 / 01期

关键词：

融资约束; 金融发展; 跨部门补贴; 内部资本市场;

D O I：

暂无

中图分类号：

F832.51 [];

学科分类号：

摘要：

在外部资本市场不够发达的新兴经济体,企业附属于集团是否一定可以减轻融资约束程度呢?基于中国A股上市公司2003～2010年的7181个年度样本数据,采用实证研究方法,发现:对于高融资约束企业,附属于集团可以减小融资约束程度,投资-现金流敏感性降低;对于低融资约束企业,附属于集团则会增大融资约束程度,投资-现金流敏感性升高,其原因在于集团内部资本市场存在低效率的跨部门补贴。金融发展具有替代集团缓解融资约束的作用,但又不会使集团增强融资约束的作用扩大,因此有助于减轻集团的跨部门补贴问题。

引用

页码：1 / 10

页数：10

共 32 条

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