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我国企业内部资本市场与关联资金占用情况分析

发表时间:2012-05-31  浏览量:1144  下载量:595
全部作者: 任颖,王长峰
作者单位: 北京邮电大学经济管理学院
摘 要: 旨在对我国企业内部资本市场状况和关联企业间资金占用情况进行分析。将上市公司的关联企业分为上层控制公司(母公司层级)、下层被控公司(子公司层级)和其他关联公司三类,分别考察其2009年对上市公司应收应付款项的余额和变化。在对资金占用情况分类进行描述统计后,以此为基础对母、子公司资金占用情况与层级进行回归分析。研究发现:金字塔层级越多,上层关联资金配置越多,但子公司数与下层关联资金的配置没有关系。
关 键 词: 企业管理;内部资本市场;关联资金占用;金字塔层级
Title: Research on the internal capital market and related-party capital expropriation in China
Author: REN Ying, WANG Changfeng
Organization: School of Economics and Management, Beijing University of Posts and Telecommunications
Abstract: This paper aims at investigating the relation between the internal capital market and related-party capital expropriation in China. In this paper, the affiliated enterprises of listed companies are divided into three groups: upper controlling firms, subsidiaries and others. Based on the descriptive statistics of the ending balances for receivables and payables with the three groups respectively, the author analyzes the relation between capital expropriation and pyramid layers and/or the number of subsidiaries using multivariable regression analysis, and finds out that the more the pyramid layers, the more capital allocation in upper controlling firms, but there’s no relationship between capital allocation and subsidiary numbers.
Key words: business management; internal capital market; related-party capital expropriation; pyramid ply rating
发表期数: 2012年5月第10期
引用格式: 任颖,王长峰. 我国企业内部资本市场与关联资金占用情况分析[J]. 中国科技论文在线精品论文,2012,5(10):909-918.
 
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