公司的金融投资行为会传染其他企业吗?——来自企业集团的经验证据
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摘要
以2009-2015年A股国有企业集团上市公司为研究样本,考察了企业集团内公司的金融投资行为是否具有传染效应。研究发现,当集团内某一成员企业的金融投资水平大幅上升时,之后年度集团内其他成员企业的金融投资会显著增加;当被传染企业的业绩考核压力较大或主业业绩下滑时,上述传染效应会更加明显。进一步分析表明,上述传染效应主要发生在内外部监督较弱的集团成员企业。本文的研究结论为更加全面地评价国有企业财务行为和业绩考核制度提供了经验证据。
Based on the sample of A-share state-owned enterprise groups from 2009 to 2015, this paper investigates whether the financial assets investment behavior of one company infects other companies. We find that when the financial assets of one company highly increase, the financial assets of other companies controlled by the same group will highly increase in the future, especially when the infected companies have more pressure under performance appraisal system or when the infected companies' core performance decrease. Further analysis shows that this effect is more pronounced in companies with week internal or external supervision. Our study provides empirical evidence for the more comprehensive evaluation of the financial behavior and the performance appraisal system of state-owned enterprises.
Based on the sample of A-share state-owned enterprise groups from 2009 to 2015, this paper investigates whether the financial assets investment behavior of one company infects other companies. We find that when the financial assets of one company highly increase, the financial assets of other companies controlled by the same group will highly increase in the future, especially when the infected companies have more pressure under performance appraisal system or when the infected companies' core performance decrease. Further analysis shows that this effect is more pronounced in companies with week internal or external supervision. Our study provides empirical evidence for the more comprehensive evaluation of the financial behavior and the performance appraisal system of state-owned enterprises.
引文
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[2]王化成,高升好,张修平,等.企业集团特点、集团管控模式与内部资本市场[J].科学决策,2016(5):1-27.
[3]JIA N,SHI J,WANG Y.Coinsurance within business groups:Evidence from related party transactions in an emerging market[J].Management Science,2013,59(10):2295-2313.
[4]黄俊,陈信元,张天舒.公司经营绩效传染效应的研究[J].管理世界,2013(3):111-118.
[5]纳鹏杰,雨田木子,纳超洪.企业集团风险传染效应研究:来自集团控股上市公司的经验证据[J].会计研究,2017(3):53-60.
[6]宋军,陆旸.非货币金融资产和经营收益率的U形关系:来自我国上市非金融公司的金融化证据[J].金融研究,2015(6):111-127.
[7]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济,2017(12):113-131.
[8]卢闯,牛煜皓,潘柳芸,等.我国上市公司金融资产配置与股价崩盘风险关系研究[J].科学决策,2019(3):1-22.
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[10]余明桂,钟慧洁,范蕊.业绩考核制度可以促进央企创新吗?[J].经济研究,2016(12),104-117.
[11]何威风,刘巍.EVA业绩评价与企业风险承担[J].中国软科学,2017(6):99-116.
[12]何威风,陈莉萍,刘巍.业绩考核制度会影响企业盈余管理行为吗[J].南开管理评论,2019(1):17-30.
[13]SAH R.Social osmosis and patterns of crime[J].Journal of Political Economy,1991,99(6):1272-1295.
[14]BEATTY A,LIAO S,YU J J.The spillover effect of fraudulent financial reporting on peer firms’ investments[J].Journal of Accounting and Economics,2013,55(2):183-205.
[15]FRANCIS J R,MICHAS P N.The contagion effect of low-quality audits[J].The Accounting Review,2013,88(2):521-552.
[16]BUCHUK D,LARRAIN B,MU?OZ F,et al.The internal capital markets of business groups:Evidence from intra-group loans[J].Journal of Financial Economics,2014,112(2):190-212.
[17]刘贯春,张军,刘媛媛.金融资产配置、宏观经济环境与企业杠杆率[J].世界经济,2018(1):148-173.
[18]DEMIR F.Financial liberalization,private investment and portfolio choice:Financialization of real sectors in emerging markets[J].Journal of Development Economics,2009,88(2):314-324.
[19]王满四,徐朝辉.银行债权治理与公司内部治理间的互动效应研究:基于管理层代理成本的实证分析[J].中国软科学,2017(12):100-115.
[20]严若森,叶云龙.证券分析师跟踪与企业双重代理成本:基于中国A股上市公司的经验证据[J].中国软科学,2017(10):173-183.
① 匹配变量为所有控制变量(Size、ROA、Lev、Turnover、TQ、Growth、East、GDP_ p),匹配方法是1∶1匹配。
(1)本文选取国有集团上市公司为研究样本是因为国有企业存在统一明确的绩效考核标准。以2009年开始是为了避免金融危机对结果产生的影响。
[2]王化成,高升好,张修平,等.企业集团特点、集团管控模式与内部资本市场[J].科学决策,2016(5):1-27.
[3]JIA N,SHI J,WANG Y.Coinsurance within business groups:Evidence from related party transactions in an emerging market[J].Management Science,2013,59(10):2295-2313.
[4]黄俊,陈信元,张天舒.公司经营绩效传染效应的研究[J].管理世界,2013(3):111-118.
[5]纳鹏杰,雨田木子,纳超洪.企业集团风险传染效应研究:来自集团控股上市公司的经验证据[J].会计研究,2017(3):53-60.
[6]宋军,陆旸.非货币金融资产和经营收益率的U形关系:来自我国上市非金融公司的金融化证据[J].金融研究,2015(6):111-127.
[7]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济,2017(12):113-131.
[8]卢闯,牛煜皓,潘柳芸,等.我国上市公司金融资产配置与股价崩盘风险关系研究[J].科学决策,2019(3):1-22.
[9]CHIU P C,TEOH S H,TIAN F.Board interlocks and earnings management contagion[J].The Accounting Review,2013,88(3):915-944.
[10]余明桂,钟慧洁,范蕊.业绩考核制度可以促进央企创新吗?[J].经济研究,2016(12),104-117.
[11]何威风,刘巍.EVA业绩评价与企业风险承担[J].中国软科学,2017(6):99-116.
[12]何威风,陈莉萍,刘巍.业绩考核制度会影响企业盈余管理行为吗[J].南开管理评论,2019(1):17-30.
[13]SAH R.Social osmosis and patterns of crime[J].Journal of Political Economy,1991,99(6):1272-1295.
[14]BEATTY A,LIAO S,YU J J.The spillover effect of fraudulent financial reporting on peer firms’ investments[J].Journal of Accounting and Economics,2013,55(2):183-205.
[15]FRANCIS J R,MICHAS P N.The contagion effect of low-quality audits[J].The Accounting Review,2013,88(2):521-552.
[16]BUCHUK D,LARRAIN B,MU?OZ F,et al.The internal capital markets of business groups:Evidence from intra-group loans[J].Journal of Financial Economics,2014,112(2):190-212.
[17]刘贯春,张军,刘媛媛.金融资产配置、宏观经济环境与企业杠杆率[J].世界经济,2018(1):148-173.
[18]DEMIR F.Financial liberalization,private investment and portfolio choice:Financialization of real sectors in emerging markets[J].Journal of Development Economics,2009,88(2):314-324.
[19]王满四,徐朝辉.银行债权治理与公司内部治理间的互动效应研究:基于管理层代理成本的实证分析[J].中国软科学,2017(12):100-115.
[20]严若森,叶云龙.证券分析师跟踪与企业双重代理成本:基于中国A股上市公司的经验证据[J].中国软科学,2017(10):173-183.
① 匹配变量为所有控制变量(Size、ROA、Lev、Turnover、TQ、Growth、East、GDP_ p),匹配方法是1∶1匹配。
(1)本文选取国有集团上市公司为研究样本是因为国有企业存在统一明确的绩效考核标准。以2009年开始是为了避免金融危机对结果产生的影响。
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