中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--资本结构
工作论文
2010-04-22 第3卷 第3期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

我国中小板企业上市前融资偏好实证研究

金永红 华东理工大学商学院
钱雯婷 华东理工大学商学院

中国家族企业上市公司治理结构与融资方式研究

金永红 华东理工大学商学院
金峥 华东理工大学商学院

Soft Budget Constraint and Expropriation: Evidence from Privately-Owned Firms in China

Hongbo Pan Wuhan UniversityEconomics and Management School
Minggui Yu Wuhan UniversityEconomics and Management School

Intra-Group Financing in Business Groups: Mitigating Financing Constraint versus Expropriation

Joseph P.H. Fan Chinese University of Hong KongDepartment of Finance
Li Jin Harvard UniversityHarvard Business School
Guojian Zheng Sun Yat-sen UniversitySchool of Business, and Contemporary Accountancy and Finance Research Center


论文摘要

我国中小板企业上市前融资偏好实证研究

金永红 华东理工大学商学院
钱雯婷 华东理工大学商学院

本文采取理论分析与实证研究相结合的技术路线,对我国中小企业板上市公司上市前财务数 据进行统计分析。通过研究我们得到结论,我国中小企业上市前偏重内部融资和债权融资,并且债 权融资比重不断上升,而股权融资相对比重较小,总的融资顺序不完全符合优序融资理论。本文意 在通过对成长性良好的中小板企业上市前的融资行为的研究,分析影响企业选择不同融资结构的因 素,给其它中小企业融资提供参考,并且总结改善中小企业融资问题的途径。

中国家族企业上市公司治理结构与融资方式研究

金永红 华东理工大学商学院
金峥华东理工大学商学院

家族企业治理是世界范围内讨论的问题,对中国这个家族文化传统最为悠久和深厚的国 度而言,研究家族企业有着特殊的理论与实践意义。本文就中外学术界对于家族企业治 理的研究进行了系统的总结和整理,对2003 年至2006 年我国家族企业上市公司的公司 治理结构和融资方式进行了统计学和个案实证研究,在研究中我们发现:家族企业上市 公司董事长总经理两职状态与资产负债率、长期负债率呈负相关;家族上市公司的股权 集中程度与负债融资负相关;家族企业在股权比较集中的情况下更倾向于股权融资,而 在股权比较分散的情况下更倾向于负债融资。

Soft Budget Constraint and Expropriation: Evidence from Privately-Owned Firms in China

Hongbo Pan Wuhan UniversityEconomics and Management School
Minggui Yu Wuhan UniversityEconomics and Management School

Using the data of privately-owned firms in China’s transition economy, we examine the effects of soft budget constraint on the expropriation of minority shareholders. We find that, compared to small firms, large firms have higher bank loans and are more likely to get government subsidies. However, large firms show higher divergence between cash flow and control rights, more fund occupation by controlling shareholders, and lower market valuation. Moreover these differences between large and small firms become particularly pronounced when the firms operate in the provinces with poorer fiscal conditions. These findings suggest that soft budget constraint can mitigate the expropriation costs of controlling shareholders, and subsequently deteriorates the expropriation of minority shareholders.

Intra-Group Financing in Business Groups: Mitigating Financing Constraint versus Expropriation

Joseph P.H. Fan Chinese University of Hong KongDepartment of Finance
Li Jin Harvard UniversityHarvard Business School
Guojian Zheng Sun Yat-sen UniversitySchool of Business, and Contemporary Accountancy and Finance Research Center

Two motivations of internal financing in business groups are studied using Chinese data: cross-financing to relieve severe financing constraints, and expropriation from minority shareholders in environments with weak corporate governance. We document the existence of both, and discuss their implications on both the efficiency and magnitude of intra-group financing. We find that, from the business group perspective, the internal capital market is most efficient when the groups are well governed and have a pressing need to mitigate external financing constraints.


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