本文選題：環(huán)境不確定性 + 內(nèi)部資本市場(chǎng)�。� 參考：《中央財(cái)經(jīng)大學(xué)》2016年博士論文

【摘要】：環(huán)境不確定性導(dǎo)致了企業(yè)的業(yè)績(jī)波動(dòng)、經(jīng)營(yíng)風(fēng)險(xiǎn)以及信息不對(duì)稱,從而向外部資本市場(chǎng)傳遞了不利的信號(hào),降低了外部資本市場(chǎng)的投資者向高不確定性企業(yè)提供融資支持的意愿,增加了高環(huán)境不確定性企業(yè)的融資難度和融資成本;然而,環(huán)境不確定性程度越高,企業(yè)的管理層需要足夠的現(xiàn)金持有量來(lái)應(yīng)對(duì)經(jīng)營(yíng)風(fēng)險(xiǎn)。已有的研究表明,內(nèi)部資本市場(chǎng)的產(chǎn)生是為了克服外部資本市場(chǎng)的摩擦,具有降低交易成本、對(duì)內(nèi)部企業(yè)提供融資支持的功能,且企業(yè)集團(tuán)具有統(tǒng)一管理分散資金以及集團(tuán)內(nèi)部企業(yè)之間共同保險(xiǎn)作用而增加舉債能力,使內(nèi)部資本市場(chǎng)擁有充分的資金為其成員企業(yè)提供融資支持;因此,企業(yè)的環(huán)境不確定性程度越高,其內(nèi)部資本市場(chǎng)越活躍,表現(xiàn)出更多的內(nèi)部資本市場(chǎng)的資本流入,且內(nèi)部資本流入量大于其向內(nèi)部資本市場(chǎng)的資本流出量,即高環(huán)境不確定性的公司有正向的內(nèi)部資本凈流入。由于高融資約束企業(yè)的外部融資受到更大的限制,其經(jīng)營(yíng)活動(dòng)更多地依賴企業(yè)內(nèi)部資金;因此,在環(huán)境不確定性與融資約束交互影響下,導(dǎo)致融資約束企業(yè)在高環(huán)境不確定性下,對(duì)內(nèi)部資本市場(chǎng)的融資需求更加強(qiáng)烈,表現(xiàn)出顯著的內(nèi)部資本市場(chǎng)的資本流入,且內(nèi)部資本流入量大于其向內(nèi)部資本市場(chǎng)的資本流出量,呈現(xiàn)出正向的內(nèi)部資本凈流入。在我國(guó)新興加轉(zhuǎn)軌的特殊經(jīng)濟(jì)環(huán)境下,外部資本市場(chǎng)尚不發(fā)達(dá),且我國(guó)的上市公司中,國(guó)有企業(yè)占據(jù)絕對(duì)多數(shù);此外,我國(guó)的商業(yè)銀行多數(shù)為國(guó)有控股或國(guó)有參股企業(yè),由于國(guó)有企業(yè)與政府以及商業(yè)銀行之間的特殊關(guān)系,相對(duì)于民營(yíng)企業(yè)來(lái)說(shuō),國(guó)有企業(yè)更容易獲得銀行的信貸資金支持,使其擁有相對(duì)較為寬松的外部資本市場(chǎng)環(huán)境。此外,國(guó)有企業(yè)在追求經(jīng)濟(jì)利益的同時(shí)也承擔(dān)了相對(duì)較多的社會(huì)負(fù)擔(dān),因此,國(guó)有企業(yè)在面臨高環(huán)境不確定性時(shí),更容易獲得政府為其提供的資金支持。因此,相對(duì)于民營(yíng)企業(yè)來(lái)說(shuō),國(guó)有企業(yè)在面臨高環(huán)境不確定性時(shí),其從內(nèi)部資本市場(chǎng)中尋求融資支持的欲望相對(duì)較弱。環(huán)境不確定性程度反映了企業(yè)經(jīng)營(yíng)風(fēng)險(xiǎn)的高低,高環(huán)境不確定性的企業(yè)其經(jīng)營(yíng)風(fēng)險(xiǎn)相對(duì)更高,為了抵御經(jīng)營(yíng)風(fēng)險(xiǎn)而向內(nèi)部資本市場(chǎng)尋求更多的融資支持,這將導(dǎo)致較為負(fù)面的經(jīng)濟(jì)后果:一方面,為高環(huán)境不確定性企業(yè)帶來(lái)更多的現(xiàn)金流,增加了高環(huán)境不確定性企業(yè)管理層的代理成本;另一方面,從企業(yè)集團(tuán)整體來(lái)說(shuō),資金流向高環(huán)境不確定性企業(yè)并未實(shí)現(xiàn)資金的有效配置;因此,高環(huán)境不確定性企業(yè)的資金流入將導(dǎo)致其價(jià)值降低,而高環(huán)境不確定性企業(yè)的資本流出并不會(huì)導(dǎo)致企業(yè)價(jià)值減損。論文在理論分析的基礎(chǔ)上,采用實(shí)證研究的方法分別檢驗(yàn)了環(huán)境不確定性與內(nèi)部資本市場(chǎng),環(huán)境不確定性、融資約束與內(nèi)部資本市場(chǎng),以及環(huán)境不確定性、內(nèi)部資本市場(chǎng)與企業(yè)價(jià)值之間的關(guān)系。本文涉及的相關(guān)重要概念定義如下:內(nèi)部資本市場(chǎng),本文將以下四類關(guān)聯(lián)企業(yè)之間的資金交易、擔(dān)保或者抵押、股權(quán)交易以及債權(quán)債務(wù)類交易視為內(nèi)部資本市場(chǎng):上市公司的母公司、上市公司的子公司、與上市公司受同一母公司控制的其他公司以及對(duì)上市公司施加重大影響的投資方;內(nèi)部資本市場(chǎng)的資本流入,表示內(nèi)部資本市場(chǎng)中的資本流向上市公司;內(nèi)部資本市場(chǎng)的資本流出,表示資本從上市公司流向內(nèi)部資本市場(chǎng)中的其他公司;內(nèi)部資本市場(chǎng)的資本凈流入,表示某一會(huì)計(jì)年度內(nèi)上市公司的內(nèi)部資本市場(chǎng)的資本流入-內(nèi)部資本市場(chǎng)的資本流出;內(nèi)部資本市場(chǎng)的活躍程度,表示某一會(huì)計(jì)年度內(nèi)上市公司的內(nèi)部資本市場(chǎng)的資本流入+內(nèi)部資本市場(chǎng)的資本流出。實(shí)證檢驗(yàn)得出的主要結(jié)論如下:第一、環(huán)境不確定性程度越高,內(nèi)部資本市場(chǎng)的活躍程度越高、內(nèi)部資本市場(chǎng)的資本流入越多、內(nèi)部資本市場(chǎng)的資本凈流入越多;相對(duì)于國(guó)有企業(yè),民營(yíng)企業(yè)的環(huán)境不確定性與內(nèi)部資本市場(chǎng)的資本流入和資本凈流入的正相關(guān)性更強(qiáng)。進(jìn)一步研究發(fā)現(xiàn):在高環(huán)境不確定性組中,環(huán)境不確定性程度與內(nèi)部資本市場(chǎng)活躍程度顯著正相關(guān)性,而在低環(huán)境不確定性組中,環(huán)境不確定性程度與內(nèi)部資本市場(chǎng)之間沒(méi)有顯著相關(guān)性;環(huán)境不確定性程度與內(nèi)部資本市場(chǎng)資本流入的顯著正相關(guān)性,在高環(huán)境不確定性組和民營(yíng)企業(yè)組中存在,低環(huán)境不確定性組和國(guó)有企業(yè)組中不存在顯著相關(guān)性;環(huán)境不確定性程度與內(nèi)部資本市場(chǎng)凈流入的正相關(guān)性,在高環(huán)境不確定性組和民營(yíng)企業(yè)組中存在,在低環(huán)境不確定性組和國(guó)有企業(yè)組中沒(méi)有顯著相關(guān)性;環(huán)境不確定程度越高,內(nèi)部資本市場(chǎng)的資本流出越多;環(huán)境不確定性程度與內(nèi)部資本市場(chǎng)資本流出的正相關(guān)性,在高環(huán)境不確定性組、民營(yíng)企業(yè)組和國(guó)有企業(yè)組中均存在,而低環(huán)境不確定性組中沒(méi)有顯著相關(guān)性。第二、環(huán)境不確定性程度越高,受到融資約束的企業(yè)表現(xiàn)出更高的內(nèi)部資本市場(chǎng)活越程度、更多的內(nèi)部資本市場(chǎng)的資本流入;在高融資約束組中,融資約束越高內(nèi)部資本市場(chǎng)資本的凈流入越多,但在低融資約束組中,融資約束與內(nèi)部資本市場(chǎng)的資本凈流入之間沒(méi)有顯著相關(guān)性;相對(duì)于國(guó)有企業(yè),民營(yíng)企業(yè)的環(huán)境不確定性程度越高,融資約束與內(nèi)不資本市場(chǎng)的資本流入以及凈流入的正相關(guān)性更強(qiáng)。進(jìn)一步研究發(fā)現(xiàn):環(huán)境不確定性程度越高,在低融資約束組和高融資約束組中均表現(xiàn)出融資約束與內(nèi)部資本市場(chǎng)活躍程度的正相關(guān)性,但在高融資約束組中的系數(shù)更大;在民營(yíng)企業(yè)樣本組中,環(huán)境不確定性程度越高,融資約束與內(nèi)部資本市場(chǎng)活躍程度顯著正相關(guān),但在國(guó)有企業(yè)樣本組中沒(méi)有顯著相關(guān)性;環(huán)境不確定性程度越高,在高融資約束組和民營(yíng)企業(yè)組中,融資約束與內(nèi)部資本市場(chǎng)資本流入顯著正相關(guān),但在國(guó)有企業(yè)樣本和低融資約束組中不存在顯著相關(guān)性;環(huán)境不確定性程度越高,在高環(huán)境不確定性組和民營(yíng)企業(yè)樣本組中,融資約束與內(nèi)部資本市場(chǎng)資本流入之間顯著正相關(guān),但在低融資約束組和國(guó)有企業(yè)樣本組中沒(méi)有顯著相關(guān)性;環(huán)境不確定性程度越高,受到融資約束的企業(yè)表現(xiàn)出更多的內(nèi)部資本市場(chǎng)資本流出;環(huán)境不確定性程度越高,在低融資約束組和國(guó)有企業(yè)樣本組中,融資約束與內(nèi)部資本市場(chǎng)資本流出顯著正相關(guān),但在高融資約束組和民營(yíng)企業(yè)樣本組中沒(méi)有顯著相關(guān)性。第三、隨著環(huán)境不確定性程度的提高,內(nèi)部資本市場(chǎng)的資本流入對(duì)企業(yè)價(jià)值的提升作用受到顯著抑制,內(nèi)部資本市場(chǎng)的資本流出對(duì)企業(yè)價(jià)值的減損將得到緩解。進(jìn)一步研究發(fā)現(xiàn):環(huán)境不確定性程度越高,在高不確定性組和民營(yíng)企業(yè)樣本組中,內(nèi)部資本市場(chǎng)資本流入對(duì)企業(yè)價(jià)值的提升作用受到顯著抑制,但在低環(huán)境不確定性樣本組和國(guó)有企業(yè)樣本組中沒(méi)有顯著相關(guān)性;在低環(huán)境不確定性組、高環(huán)境不確定性組、民營(yíng)企業(yè)組以及國(guó)有企業(yè)組中,內(nèi)部資本市場(chǎng)的資本流出與企業(yè)價(jià)值之間均沒(méi)有顯著相關(guān)性;環(huán)境不確定性程度越高,內(nèi)部資本市場(chǎng)的活躍程度與企業(yè)價(jià)值之間沒(méi)有顯著相關(guān)系;在低環(huán)境不確定性組、高環(huán)境不確定性組、民營(yíng)企業(yè)樣本組以及國(guó)有企業(yè)樣本組中,內(nèi)部資本市場(chǎng)的活躍程度與企業(yè)價(jià)值之間沒(méi)有顯著相關(guān)性;環(huán)境不確定性程度越高,內(nèi)部資本市場(chǎng)的資本凈流入與企業(yè)價(jià)值之間沒(méi)有顯著相關(guān)性;環(huán)境不確定性程度越高,在低環(huán)境不確定性組和國(guó)有企業(yè)樣本組中,內(nèi)部資本市場(chǎng)的資本凈流入對(duì)企業(yè)價(jià)值的提升受到顯著抑制,但在高環(huán)境不確定性組和民營(yíng)企業(yè)樣本組中沒(méi)有顯著相關(guān)性。本文的創(chuàng)新之處在以下幾個(gè)方面:第一、本文從環(huán)境不確定性視角研究了內(nèi)部資本市場(chǎng);環(huán)境不確定性導(dǎo)致了經(jīng)營(yíng)風(fēng)險(xiǎn)、業(yè)績(jī)波動(dòng)以及信息不對(duì)稱等問(wèn)題,這將直接影響上市公司在外部資本市場(chǎng)中的融資成本和融資難度;內(nèi)部資本市場(chǎng)具有統(tǒng)一管理分散資金、緩解融資約束并實(shí)現(xiàn)資源配置的功能,因此企業(yè)環(huán)境不確定性較高時(shí),內(nèi)部資本市場(chǎng)對(duì)高環(huán)境不確定性企業(yè)提供融資支持的可能性更高;本文將內(nèi)部資本市場(chǎng)劃分為:內(nèi)部資本市場(chǎng)活躍程度、內(nèi)部資本市場(chǎng)的資本流入、內(nèi)部資本市場(chǎng)的資本流出以及內(nèi)部資本市場(chǎng)的資本凈流入,分別從四個(gè)角度對(duì)環(huán)境不確定性與內(nèi)部資本市場(chǎng)之間的關(guān)系做了更加深入的研究�；谝陨戏治隹芍�,從環(huán)境不確定性視角研究?jī)?nèi)部資本市場(chǎng)問(wèn)題具有重大意義。第二、本文將環(huán)境不確定性與產(chǎn)權(quán)性質(zhì)相結(jié)合,研究了不同產(chǎn)權(quán)性質(zhì)下,環(huán)境不確定性與內(nèi)部資本市場(chǎng)之間的關(guān)系,豐富了內(nèi)部資本市場(chǎng)研究的內(nèi)容。第三、本文將環(huán)境不確定性與融資約束相結(jié)合,研究了在環(huán)境不確定性與融資約束交互影響下,內(nèi)部資本市場(chǎng)作用的發(fā)揮。第四、本文研究了不同的環(huán)境不確定性以及內(nèi)部資本市場(chǎng)不同的流向情況下,內(nèi)部資本市場(chǎng)對(duì)企業(yè)價(jià)值的影響;細(xì)化了內(nèi)部資本市場(chǎng)與企業(yè)價(jià)值關(guān)系的研究,彌補(bǔ)了相關(guān)文獻(xiàn)的研究空白。
[Abstract]:The uncertainty of the environment leads to the enterprise's performance fluctuation, the management risk and the information asymmetry, thus transmitting the unfavorable signal to the external capital market, reducing the willingness of the investors in the external capital market to provide the financing support to the highly uncertain enterprises, and increasing the financing difficulty and the financing cost of the enterprises with high environmental uncertainty; however, however, the financing cost and financing cost of the enterprises with high environmental uncertainty are increased. The higher the degree of uncertainty of the environment, the higher the degree of uncertainty in the environment, the management of the enterprise needs enough cash holdings to deal with the risk of management. The existing research shows that the internal capital market is produced to overcome the friction of the external capital market, to reduce the transaction cost, to provide financial support for the internal enterprises, and to have a unified management point for the enterprise group. The more the internal capital market has sufficient funds to provide financial support for its members, the higher the degree of uncertainty, the more active the internal capital market is, the more capital inflow of the internal capital market, and the internal capital inflow. The inflow of capital is greater than its capital outflow to the internal capital market. That is, companies with high environmental uncertainty have positive net inflow of internal capital. Because of the greater restrictions on the external financing of enterprises with high financing constraints, their operating activities are more dependent on the internal capital of the enterprise; because of this, the interaction between environmental uncertainty and financing constraints is affected. Under the uncertainty of the high environment, the financing constrained enterprises have a stronger financing demand for the internal capital market, showing a significant inflow of capital in the internal capital market, and the inflow of internal capital is greater than its capital outflow to the internal capital market, showing a positive net inflow of internal capital. Under the special economic environment, the external capital market is not yet developed, and the state-owned enterprises occupy an absolute majority in the listed companies of our country. In addition, most of the commercial banks in our country are state-owned holding or state-owned enterprises. Because of the special relationship between the state-owned enterprises and the government and the commercial banks, the state-owned enterprises are easier than the private enterprises. With the support of bank credit funds, it has a relatively relaxed external capital market environment. In addition, the state-owned enterprises also bear relatively more social burdens while pursuing economic benefits. Therefore, the state-owned enterprises are more likely to obtain financial support provided by the government when facing high environmental uncertainty. In private enterprises, the desire to seek financing support from the internal capital market is relatively weak when the state-owned enterprises are facing the uncertainty of the high environment. The degree of uncertainty of the environment reflects the business risk of the enterprise. The enterprise with high environmental uncertainty has a relatively higher risk of operation. In order to resist the operation risk, the enterprise has a relatively high risk to the internal capital market. In search of more financing support, this will lead to more negative economic consequences: on the one hand, more cash flows for enterprises with high environmental uncertainty are brought, and the agency costs of high environmental uncertainty are increased; on the other hand, from the enterprise group as a whole, the capital flows to the high environmental uncertainty enterprises do not have the funds. Therefore, the capital inflow of enterprises with high environmental uncertainty will lead to the reduction of its value, and the capital outflow of enterprises with high environmental uncertainty will not cause the loss of enterprise value. On the basis of theoretical analysis, the paper uses empirical research methods to test the uncertainty of the environment and the internal capital market, and the uncertainty of the environment, The relationship between financing constraints and internal capital markets, and the uncertainty of the environment, the relationship between the internal capital market and the value of the enterprise. The relevant important concepts involved in this paper are defined as follows: the internal capital market. This article considers the capital transaction, guarantee or collateral, equity transaction and debt and debt transaction as internal between the four types of affiliated enterprises. Capital market: the parent company of a listed company, a subsidiary of a listed company, other companies under the control of the same parent company with a listed company, and an investor with significant influence on the listed company; the capital inflow of the internal capital market indicates that the capital flows to the listed company in the internal capital market; the capital outflow of the internal capital market is expressed as a sign of the capital outflow of the internal capital market. Capital flows from a listed company to other companies in the internal capital market; the net capital inflow of the internal capital market, indicating the capital inflow of the internal capital market of the listed company in an accounting year - the capital outflow of the internal capital market; the activity of the internal capital market, indicating the internal capital of a listed company in an accounting year. The main conclusions are as follows: first, the higher the degree of uncertainty of the environment, the more active the internal capital market is, the more capital inflows in the internal capital market, the more net capital inflow of the internal capital market; the ring of the private enterprise relative to the state-owned enterprises. The uncertainty of environment is more positively correlated with the inflow of capital and the net inflow of capital. Further research has found that in the group of high environmental uncertainty, the degree of environmental uncertainty is positively correlated with the activity of internal capital market, while in the group of low environmental uncertainty, the degree of environmental uncertainty and the internal capital market There is no significant correlation between the degree of environmental uncertainty and the capital inflow of internal capital market, and there is no significant correlation between the low environment uncertainty group and the state-owned enterprise group in the high environment uncertainty group and the private enterprise group, and the degree of environmental uncertainty is positively related to the net inflow of the internal capital market. In the high environment uncertainty group and the private enterprise group, there is no significant correlation between the low environment uncertainty group and the state-owned enterprise group; the higher the environment uncertainty is, the more capital outflows in the internal capital market; the positive correlation between the degree of environmental uncertainty and the capital market capital outflow in the internal capital market, in the high environment uncertainty group, There is no significant correlation between the group of private enterprises and the group of state-owned enterprises, and there is no significant correlation in the low environment uncertainty group. Second, the higher the degree of uncertainty of the environment, the higher the level of the internal capital market, the more the inflow of the internal capital market, the higher the financing constraints in the high financing constraint group. There are more net inflows of capital market capital in internal capital market, but there is no significant correlation between financing constraints and net capital inflow in the internal capital market in the low financing constraint group; the higher the degree of environmental uncertainty is, the more positive correlation between the financing constraints and the inflow of capital and the net inflow in the non capital market relative to the state-owned enterprises. The further study found that the higher the degree of environmental uncertainty, the positive correlation between the financing constraints and the internal capital market activity in both the low financing constraint group and the high financing constraint group, but the higher coefficient in the high financing constraint group; the higher the degree of environmental uncertainty in the private enterprise sample group, the financial constraints and internal constraints. There is a significant positive correlation between the activity of capital market, but there is no significant correlation in the sample group of state-owned enterprises. The higher the degree of uncertainty of the environment, the financial constraints are positively related to the inflow of capital market capital in the high financing constraint group and the private enterprise group, but there is no significant correlation between the state-owned enterprise sample and the low financing constraint group. The higher the degree of environmental uncertainty, the more positive correlation between the financing constraints and the inflow of capital market capital in the high environmental uncertainty group and the private enterprise sample group, but there is no significant correlation between the low financing constraint group and the state-owned enterprise sample group. The higher the degree of environmental uncertainty, the enterprises which are constrained by the financing are more displayed. The more internal capital market capital outflows; the higher the degree of uncertainty of the environment, in the low financing constraint group and the sample group of state-owned enterprises, the financing constraints are positively related to the capital outflow in the internal capital market, but there is no significant correlation between the high financing constraint group and the private enterprise sample group. Third, with the increase of the degree of environmental uncertainty, The inflow of capital inflow in the internal capital market has been significantly inhibited by the promotion of the value of the enterprise, and the loss of the capital outflow from the internal capital market to the value of the enterprise will be relieved. There is no significant correlation between the low environment uncertainty sample group and the state-owned enterprise sample group. In the low environment uncertainty group, the high environment uncertainty group, the private enterprise group and the state-owned enterprise group, there is no significant correlation between the capital flow of the internal capital market and the enterprise value. The higher the degree of uncertainty is, there is no significant relationship between the activity of internal capital market and the value of enterprise. In the group of low environment uncertainty, the group of high environment uncertainty, the sample group of private enterprise and the sample group of state-owned enterprises, there is no significant correlation between the activity of the internal capital market and the value of the enterprise; the environment is inaccurate. The higher the qualitative degree is, there is no significant correlation between the net capital inflow of the internal capital market and the value of the enterprise. The higher the degree of uncertainty of the environment, the increase of the net capital inflow of the internal capital market to the enterprise value is significantly inhibited in the low environment uncertainty group and the sample group of the state-owned enterprises, but in the high environment uncertainty group and the people. There is no significant correlation in the sample group. The innovation of this paper is in the following aspects: first, this paper studies the internal capital market from the perspective of environmental uncertainty; environmental uncertainty leads to business risk, performance fluctuation and information asymmetry, which will directly affect the financial market of Listed Companies in the external capital market. In the internal capital market, the internal capital market is more likely to provide financial support for enterprises with high environmental uncertainty. The internal capital market is divided into internal capital. Market activity, capital inflow of internal capital market, capital outflow in internal capital market and the net capital inflow of internal capital market, the relationship between environmental uncertainty and internal capital market is further studied from four angles. Based on the above analysis, we can find out the interior of the environment from the perspective of environmental uncertainty. The problem of capital market is of great significance. Second, this paper, combining the uncertainty of the environment with the property property, studies the relationship between the uncertainty of the environment and the internal capital market under the nature of different property rights, and enriches the content of the research on the internal capital market. Third. This paper combines the uncertainty of the environment with the financing constraints, and studies the link in the loop. Under the interaction of boundary uncertainty and financing constraints, the role of internal capital market is played. Fourth. This paper studies the influence of the internal capital market on the enterprise value under the different environmental uncertainties and the different flow of internal capital market, and refines the research on the relationship between the internal capital market and the enterprise value, and makes up for Xiang Guanwen. The research is blank.

【學(xué)位授予單位】：中央財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類號(hào)】：F275;F832.51

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