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在外部资本市场不够发达的新兴经济体,企业附属于集团是否一定可以减轻融资约束程度呢?基于中国A股上市公司2003~2010年的7181个年度样本数据,采用实证研究方法,发现:对于高融资约束企业,附属于集团可以减小融资约束程度,投资-现金流敏感性降低;对于低融资约束企业,附属于集团则会增大融资约束程度,投资-现金流敏感性升高,其原因在于集团内部资本市场存在低效率的跨部门补贴。金融发展具有替代集团缓解融资约束的作用,但又不会使集团增强融资约束的作用扩大,因此有助于减轻集团的跨部门补贴问题。
Based on the 7181 annual sample data of Chinese A-share listed companies from 2003 to 2010, using the empirical research method, it is found that for the emerging economies with less developed external capital markets, the subsidiary of the enterprise can reduce the degree of financing constraint. Financing-constrained enterprises and subsidiary groups can reduce the degree of financing constraints and reduce the sensitivity of investment-cash flow; for low-financing constrained enterprises, subsidiary companies will increase the degree of financing constraints and the investment-cash flow sensitivity increases There is inefficient cross-sectoral subsidies in the group’s internal capital markets. Financial development has the role of an alternative group to ease the financing constraints, but does not expand the role of the group in enhancing its financing constraints, thus helping to alleviate the cross-sector subsidy of the group.