集团财务公司对其成员单位价值的影响效应.pdfVIP

理论综合 集团财务公司对其成员单位价值的影响效应 王王雪梅雪梅 ((首都经济贸易大学工商管理学院，北京 100070)首都经济贸易大学工商管理学院，北京 100070) 摘要：我国集团财务公司虽被赋予加强企业集团资金集中管理和提高企业集团资金使用效率的职责，但通过文献梳理，未 发现支持性论证，甚至有文献提出因财务公司帮扶性质，导致资金未得到优化配置。本文根据集团财务公司信息，确认其 所属集团，进一步以集团控股上市公司作为研究样本，检验集团财务公司对成员单位价值、负债水平和债务成本的影响。 结果表明：集团财务公司成立前样本账面价值明显优于成立后，成立前后市场价值的差异不明显；集团财务公司成立后样 本公司负债水平显著增加，财务费用率变化不明显。上述结果说明集团财务公司成立并没有增加其成员单位价值。 关键词：集团财务公司；账面价值；市场价值；负债水平 Abstract: Although group fi nance company shoulders the mission of strengthening the group fi nancial centralized management and increasing the service effi ciency of funds. However, little supporting evidence was found in literature, even some scholars pointed out: the funds were not optimized because of its aiding characteristic. Getting the information of group fi nance companies and confi rming the groups controlling them, then, taking the listed companies controlled by groups as samples, we tested the group fi nance companies’ infl uence over member companies on its value, the debt ratio and cost of debt. The result showed the after book value was higher than that before group fi nance company set up, while there was no signifi cant change in market value; the debt- to-long capital ratio was increased signifi cantly, while the fi nancial cost ratio changed little. The results did not prove that group fi nance company created value for its member companies. Keywords: group fi nance company, book value, market value, debt ratio 作者简介：王雪梅，女，首都经济贸易大学博士生，研究方向：公司理财。 中文图书分类号：F275 文献标识码：A 融资带来了便利并创造了价值，这为集团财务公司设立的 引言 必要与否提供了决策依据。 我国的企业集团财务公司是我国企业体制改革和金融 体制改革的产物，是国家为增强大中型企业的活力、盘活 文献回顾 企业内部资金、增强企业集团的融资能力、支持企业集团