企业集团股权控制与上市子公司财务风险
首发时间:2019-03-20
摘要:本文以2003~2016年中国沪深A股集团上市子公司为样本,基于集团母公司实际控制权视角,考察了企业集团对上市子公司财务风险的影响。研究发现,企业集团母公司实际控制权显著降低了子公司的财务风险。进一步研究表明,在集团母公司监督能力较强以及上市子公司与集团内部关联交易活动较多时,集团母公司实际控制权对子公司财务风险的抑制效应更加显著。研究结论为企业集团财务控制行为及其经济后果研究提供了直接经验证据,拓展并丰富了上市公司财务风险的影响因素研究。
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Equity Control of Enterprise Group and Financial Risk of Listed Subsidiary
Abstract:This article investigates the influence of enterprise group on financial risk of listed subsidiary, which is based on the actual control perspective of the parent company, and using the sample of the listed subsidiaries of Shanghai and Shenzhen A-share group in 2003~2016. The study finds that the actual control of the parent company of the enterprise group has significantly reduced the financial risk of the subsidiary company. Further research shows that when the group parent company has strong supervisory ability and the listed subsidiary has more related party transactions within the group, the inhibition effect of the group parent company\'s actual control right on the subsidiary\'s financial risk is more remarkable. The conclusions provide direct empirical evidence for the study of financial control behavior and its economic consequences of enterprise groups as well as expanding and enriching the research on the influencing Equity Control of Enterprise Group and Financial Risk of Listed Subsidiary factors of financial risk of listed companies.
Keywords: Enterprise Group Equity Control Financial Risk Shareholder Supervision
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