【摘要】：內(nèi)部資本市場一方面能緩解融資約束,優(yōu)化資源配置,另一方面又易導(dǎo)致過度投資和“掏空”行為,其有效論和無效論均得到了相關(guān)實證。究其原因,影響內(nèi)部資本市場配置效率的因素是復(fù)雜的,公司治理結(jié)構(gòu)差異影響重大,有必要從系族實際出發(fā)系統(tǒng)性研究其一般規(guī)律。 首先,本文從系族企業(yè)涵義界定切入,深入分析了系族企業(yè)的基本特征,發(fā)現(xiàn)系族企業(yè)往往實行集團(tuán)模式多元化經(jīng)營,存在內(nèi)部資本市場和內(nèi)部產(chǎn)品市場,具有復(fù)雜的股權(quán)控制結(jié)構(gòu)和多層次代理問題。 其次,從外部資本市場和內(nèi)部資本市場的功能性出發(fā),描述了內(nèi)部資本市場市場的組織模式,并進(jìn)一步通過多元線性回歸方法檢驗了系族內(nèi)部資本市場的存在性,研究結(jié)果表明:系族成員企業(yè)投資水平不僅受自身現(xiàn)金流顯著影響,而且受系族內(nèi)其他成員企業(yè)現(xiàn)金流顯著影響,系族內(nèi)部存在活躍的內(nèi)部資本市場。 然后,通過對比分析,將系族內(nèi)部資本市場有效性界定為從長遠(yuǎn)角度有利于提升系族整體效率和價值的資本配置行為,系統(tǒng)分析了系族企業(yè)內(nèi)部資本市場的影響因素及其影響結(jié)果。 最后,運(yùn)用敏感性托賓Q及敏感性現(xiàn)金流方法度量系族企業(yè)內(nèi)部資本市場配置效率,構(gòu)建公司治理變量及資產(chǎn)集中度指數(shù)HHI變量,并通過二元LOGISTIC模型進(jìn)行回歸分析,研究結(jié)果表明:當(dāng)前股權(quán)結(jié)構(gòu)下,系族上市公司股權(quán)集中度較高,系族上市公司董事會治理規(guī)模越大,系族上市公司董事會、監(jiān)事會及管理層持股越多,系族企業(yè)內(nèi)部資本市場資本配置越有效;系族上市公司總資產(chǎn)規(guī)模越大,資產(chǎn)集中程度越高,系族內(nèi)部資本市場效率越低。
[Abstract]:On the one hand, the internal capital market can ease the financing constraints, optimize the allocation of resources, on the other hand, it is easy to lead to excessive investment and "tunneling" behavior. The reason is that the factors influencing the allocation efficiency of the internal capital market are complex, and the difference of corporate governance structure has a great influence on it. It is necessary to systematically study its general law from the actual situation of the family. First of all, this paper analyzes the basic characteristics of the family enterprises from the definition of the meaning of the family enterprises. It is found that the family enterprises often carry out diversified management of the group mode, and there are internal capital markets and internal product markets. It has complex ownership control structure and multi-level agency problem. Secondly, starting from the function of external capital market and internal capital market, this paper describes the organization mode of internal capital market, and further tests the existence of the family internal capital market by the method of multiple linear regression. The results show that the investment level of the family members is significantly affected not only by their own cash flow, but also by the cash flow of other members of the family, and there is an active internal capital market within the family. Then, through the comparative analysis, the paper defines the efficiency of the capital market within the family as the capital allocation behavior which is beneficial to enhance the overall efficiency and value of the family in the long run. This paper systematically analyzes the influencing factors and the results of the internal capital market of the family enterprises. Finally, using sensitive Tobin Q and sensitive cash flow methods to measure the efficiency of capital market allocation in family enterprises, we construct corporate governance variables and asset concentration index HHI variables, and make regression analysis through binary LOGISTIC model. The results show that: under the current ownership structure, the ownership concentration of the listed companies is higher, the larger the governance scale of the board of directors, the more the board of directors, the board of supervisors and the management of the listed companies. The more effective the internal capital market capital allocation is, the larger the total assets scale is, the higher the concentration of assets is, and the lower the efficiency of the internal capital market is.
【學(xué)位授予單位】：華僑大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：F832.51;F224

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本文編號：2201722