中国系族集团内部资本市场效率研究
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摘要
随着企业集团的发展,内部资本市场的效率受到了越来越多的关注,特别是像我国这样的新兴市场经济国家。内部资本市场一直被认为具有良好的资源配置的功能,但由于代理问题、多元化折价等因素,内部资本市场的效率被削弱。为了探讨我国内部资本市场的效率性,本文以2005-2006年沪深两市的系族集团为研究对象,按照系族实际控制人属性进行分组,通过探讨分部间投资的关联度讨论内部资本市场的效率性。同时本文将多元化指标细化到上市公司子公司层面,探讨多元化对于内部资本市场效率的影响。在实证研究之后,本文对典型民营系族集团进行了案例研究,试图描述民营系族集团成立的原因、内部资本市场运作的模式,及内部资本市场的效率。通过以上研究,本文得出如下的结论：中国的系族集团中存在内部资本市场,但内部资本市场的效率相对较低。中央直接控制的系族集团相对于地方控制和民营的系族集团来说内部资本市场配置效率更好；系族集团上市公司子公司层面的多元化程度在总体样本上影响了内部资本市场的效率。
With the development of enterprise groups, internal capital market efficiency attracts much attention, particularly in emerging markets. Internal capital market has always been considered a good resource allocation function, but because of agency problems, diversification discount and other factors, the internal capital market efficiency is being undermined. This paper studies internal capital market efficiency using Chinese data in 2005-2006. On the other hand, this paper discusses the relationship of diversification and internal capital market efficiency. After that, this paper has a case study about the private enterprise groups. Through these studies, I found that there is an internal capital market in Chinese groups. But the efficiency of internal capital markets is lower. The groups controlled by central government have higher internal capital market efficiency than the one controlled by local government and private ones. And diversification has a negative correlation with internal capital market efficiency.
With the development of enterprise groups, internal capital market efficiency attracts much attention, particularly in emerging markets. Internal capital market has always been considered a good resource allocation function, but because of agency problems, diversification discount and other factors, the internal capital market efficiency is being undermined. This paper studies internal capital market efficiency using Chinese data in 2005-2006. On the other hand, this paper discusses the relationship of diversification and internal capital market efficiency. After that, this paper has a case study about the private enterprise groups. Through these studies, I found that there is an internal capital market in Chinese groups. But the efficiency of internal capital markets is lower. The groups controlled by central government have higher internal capital market efficiency than the one controlled by local government and private ones. And diversification has a negative correlation with internal capital market efficiency.
引文
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[2]Bae Kee-hong, Jun-koo kang and Jin-mo Kim,2002, Tunneling or Value Added? Evidence from Mergers by Korean Business Groups[J], The Journal of Finance,6,2095-2740.
[3]Belen, V.,2000, Diversification discount or premium? New evidence from BITS establishment level data, Working paper, UCLA.
[4]Berger, P. and E., Ofek,1995, Diversification's Effect on Firm Value, Journal of Financial Economics,37,9-65.
[5]Berle. A and G Means,1932, The Modern Corporation and Private Property, Macmillan, New York.
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[7]Billett. M.T. and D.C., Mauer,1998, Diversification and the Value of Internal Capital Markets, working paper, SSRN.
[8]Campa, J. M., and S. Kedia,1999, Explaining the diversification discount, Working paper, Harvard University.
[9]Chang, S.J. and U. Choi,1988, Strategy, Structure, and Performance of Korean Business Groups:A Transactions Cost Approach, Journal of Industry Economics,37,141-59.
[10]Chang, S.J., and J. Hong,2002, How much do business groups matter in Korea, Strategic Management Journal,23,265-27.
[11]Chevalier, J. A.,2000, What do we know about cross-subsidization? Evidence from the investment policies of merging firms, Working paper, University of Chicago.
[12]Claessens, S., S. Djankov, J. Fan and H. P. Lang,1999, Corporate Diversification in East Asia:The Role of Ultimate Ownership and Group Affiliation, working paper, SSRN.
[13]Claessens, S., S. Djankov, J. Fan and H. P. Lang,2002, Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, Journal of Finance,6,2741-2771.
[14]Claessens. S., S. Djankov and H.P. Lang,2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics,58,81-112.
[15]Claessens. S., S. Djankov and H.P. Lang,2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics,58,81-112.
[16]Coase,R.H,1960,The Problem of Social Cost, Journal of Law and Economics,3, 1-44.
[17]Cuervo-Cazurra A.,2006, Business groups and their types, Asia Pacific Journal of Management,23,419-437.
[18]Faccio, M., L. Lang and L. Young,2001, Dividend and expropriation, American Economic Review,91,54-78.
[19]Fan P.H., J.Li and J.Z. Guo,2008, Internal capital market in emerging markets: expropriation and mitigating financing constraints, Working paper, SSRN.
[20]Fan P.H., J.Li and J.Z. Guo,2008, Internal capital market in emerging markets: expropriation and mitigating financing constraints, Working paper, SSRN.
[21]Fan P.H.,T.J. Wong and T. Zhang,2007, The Emergence of Corporate Pyramids in China, Working paper,SSRN.
[22]Gangopadhyay, S., R, Lensink and R.V. Molen,2003, Business Groups, Financing Constraints and Investment:The Case of India, Journal of Development Studies,40,93-119.
[23]Gertner, R., Scharfstein, D., Stein, J.C.,1994. Internal versus external capital markets. Quart. J. Econ.109,1211-1230.
[24]Ghemawat, P., and T. Khanna,1998,The nature of diversified business groups:A research design and two case studies, Journal of Industrial Economics,46,35-61.
[25]Granovetter, M.,1994, Business Groups. In Smelser, N. J. and Swedberg, R. (Eds.). Handbook of Economic Sociology, Princeton University Press.
[26]Hill Charles W.L.,1988, Internal Capital Market Controls and Financial Performance in Multidivisional Firms [J], The Journal of Industrial Economics,37 (1),67-83.
[27]Houston, J., C. James, and D. Marcus,1997, Capital Market Frictions and the Role of Internal Capital Markets in Banking, Journal of Financial Economics,46,135-164.
[28]Hyland, D. C.,1999, Why firms diversify:An empirical examination, Working paper, University of Texas at Arlington.
[29]Jesen, M. C. and W. H. Meckling,1976, Theory of the firm:Managerial Behavior, agency Costs, and Ownership Structure, Journal of Finance,3,308-342.
[30]Jesen, M. C. and W. H. Meckling,1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review,76,323-329.
[31]Keister L.,2001a, Exchange Structure in Transition:Lending and Trade Relations in Chinese Business Groups, American Sociological Review,66(3),336-360.
[32]Keister L.,2001b, Friend or Foe? Business Groups during China's Transition, Chinese Business History,11(1),1-2.
[33]Khanna T. and W.J. Rivkin,2001, Estimating the Performance Effects of Business Groups in Emerging Markets, Strategic Management Journal,22,45-74.
[34]Khanna, T. and K. Palepu.2000b, the future of business groups in emerging markets: long-run evidence from Chile, Academy of Management Journal,43(3),268-85.
[35]Khanna, T. and Y. Yafeh,2007, Business Groups in Emerging Markets:Paragons or Parasites? Journal of Economic Literature,95,331-372.
[36]Khanna, T., and K. Palepu,2000a, Is Group Affiliation Profitable in Emerging Market? An Analysis of Diversified Indian Business Group, Journal of Finance,55,867-891.
[37]Khanna, T., and W. J Rivkin.,2000, Ties That Bind Business Groups:Evidence from an Emerging Economy, Harvard Business School Working Paper Series,0-68.
[38]La Porta, R., F. Lopez-de-Silanes, and A. Shleifer,1999, Corporate Ownership around the World, Journal of Finance,54,471-518.
[39]Lamont, O.,1997, Cash Flow and Investment:Evidence from Internal Capital Markets, Journal of Finance,52,83-109.
[40]Leff, N. H,1978, Industrial organization and entrepreneurship in the developing countries:the economic groups, Economic Development and Cultural Change,26,661-675.
[41]Lensink R., R. Molen and R. Gangopadhyay,2003, Business Groups, Financing Constrains and Investment:The case of India, Journal of Development Studies,12-93
[42]Lins, K. and H. Servaes,2000, Is Corporate Diversification Beneficial in Emerging Markets? working paper, University of North Carolina—Chapel Hill and London Business School.
[43]Maksimovic,V. and Phillips,G.,2002, Do conglomerate firms allocate resources inefficiently across industries? Journal of finance,2002,2,721-767.
[44]Matsusaka, J.G. and Nanda V.,2002, Internal Capital Markets and Corporate Refocusing, Journal of Financial Intermediation,11,176-201.
[45]Meyer M., P. Milgrom and J. Roberts,1992, Organizational Prospects, Influence Costs, and Ownership Changes, Journal of Economic and Management Strategy,1(1),9-35.
[46]Milgrom, P. and J. Roberts,1988, An Economic Approach to Influence Activities in Organizations, American Journal of Sociology (94),154-179.
[47]Milgrom, P. and J. Roberts,1990, Bargaining Costs, Influence Costs and the Organization of Economic Activity, in Perspectives on Positive Political Economy. Cambridge University Press.
[48]Peyer, U. C. and A., Shivdasani,2001, Leverage and internal capital markets: evidence from leveraged recapitalizations journal of financial economics,2001,59,477-515.
[49]Rajan. R, H. Servaes and L. Zingales,2000, The Cost of Diversity:The Diversification Discount and Inefficient Investment, Journal of Finance,55,35-80.
[50]Scharfstein, D. and J. Stein,2000, The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment, Journal of Finance,55,2537-2564.
[51]Scharfstein, D.,1998, The Dark Side of Internal Capital Markets II:Evidence from Diversified Conglomerates, NEBR Working Paper No.6352.
[52]Shin, H.H. and R. Stulz,1998, Are Internal Capital Markets Efficient? Quarterly Journal of Economics,113,531-552.
[53]Shin. H. H. and Y.S. Park,1999, Financing constraints and internal capital markets: Evidence from Korean Chaebols, Journal of Corporate Finance,5,161-191.
[54]Shleifer, A. and R.W. Vishny,1989, Management Entrenchment:the Case of Manager Specific Investments, Journal of Financial Economics,25,123-139.
[55]Stein. J.C,1997, Internal Capital Markets and the Competition for Corporate resources, Journal of Finance,52,111-134.
[56]Stein. J.C,2001, Agency, Information and the Corporate Investment, NBER Working papers W8342.
[57]Stulz, R. M.,1990, Managerial discretion and optimal financing policies, Journal of Financial Economics 26,3-27.
[58]Whited, T. M.,2001, Is it inefficient investment that causes the diversification discount?,5,1661-1697
[59]Williamson O. E.,1975, Markets and Hierarchies:Analysis and Antitrust Implications, New York:Collier Macmillan Publishers Inc,147-148.
[60]Wulf, J.,2002. Internal capital markets and firm-level compensation incentives for division managers. J. Lab. Econ.20 (2), S219-S262.
[61]陈信元、黄俊,2007,政府管制与企业垂直整合,管理世界,第2期,134-138.
[62]李焰、陈才东、黄磊,2007,集团化运作、融资约束与财务风险术——基于上海复星集团案例研究,管理世界,第12期,117-135.
[63]李增泉、孙铮、王志伟,2004,“掏空”与所有权安排——来自我国上市公司大股东资金占用的经验证据,会计研究,第12期,3-13.
[64]柳建华、魏明海、郑国坚,2004,大股东控制下的关联投资：“效率促进”抑或“转移资源”,管理世界,第3期,133-141.
[65]邵军,2007,大股东内部资本配置的经济后果——基于国光瓷业的案例研究,上海立信会计学院学报,第5期,92-96.
[66]邵军、刘志远,2007,“系族企业”内部资本市场有效率吗?——基于鸿仪系的案例研究,管理世界,第6期,114-127.
[671魏明海、万良勇,2006,我国企业内部资本市场的边界确定,中山大学学报(社会科学版),92-97.
[68]肖星、王琨,2006,关于集团模式多元化经营的实证研究——来自“派系”上市公司的经验证据,管理世界,第9期,80-86.
[691杨棉之,2007,多元化公司内部资本市场配置效率——国外相关研究述评与启示,会计研究,第11期,44-49.
[70]曾亚敏、张俊生,2005,中国上市公司股权收购动因研究：构建内部资本市场抑或滥用自由现金流,世界经济,第2期,60-68.
[71]张奎,2004,股权结构、多元化经营与公司价值,复旦大学博士论文.
[72]周业安、韩梅,2003,上市公司内部资本市场研究,管理世界,第11期,118-125.
[2]Bae Kee-hong, Jun-koo kang and Jin-mo Kim,2002, Tunneling or Value Added? Evidence from Mergers by Korean Business Groups[J], The Journal of Finance,6,2095-2740.
[3]Belen, V.,2000, Diversification discount or premium? New evidence from BITS establishment level data, Working paper, UCLA.
[4]Berger, P. and E., Ofek,1995, Diversification's Effect on Firm Value, Journal of Financial Economics,37,9-65.
[5]Berle. A and G Means,1932, The Modern Corporation and Private Property, Macmillan, New York.
[6]Bertrand, M., P. Metha and S. Mullainathan,2002, Ferreting out Tunneling:An Application to Indian Business Groups [J], The Quarterly of Journal of Economics, 117,121-148.
[7]Billett. M.T. and D.C., Mauer,1998, Diversification and the Value of Internal Capital Markets, working paper, SSRN.
[8]Campa, J. M., and S. Kedia,1999, Explaining the diversification discount, Working paper, Harvard University.
[9]Chang, S.J. and U. Choi,1988, Strategy, Structure, and Performance of Korean Business Groups:A Transactions Cost Approach, Journal of Industry Economics,37,141-59.
[10]Chang, S.J., and J. Hong,2002, How much do business groups matter in Korea, Strategic Management Journal,23,265-27.
[11]Chevalier, J. A.,2000, What do we know about cross-subsidization? Evidence from the investment policies of merging firms, Working paper, University of Chicago.
[12]Claessens, S., S. Djankov, J. Fan and H. P. Lang,1999, Corporate Diversification in East Asia:The Role of Ultimate Ownership and Group Affiliation, working paper, SSRN.
[13]Claessens, S., S. Djankov, J. Fan and H. P. Lang,2002, Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, Journal of Finance,6,2741-2771.
[14]Claessens. S., S. Djankov and H.P. Lang,2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics,58,81-112.
[15]Claessens. S., S. Djankov and H.P. Lang,2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics,58,81-112.
[16]Coase,R.H,1960,The Problem of Social Cost, Journal of Law and Economics,3, 1-44.
[17]Cuervo-Cazurra A.,2006, Business groups and their types, Asia Pacific Journal of Management,23,419-437.
[18]Faccio, M., L. Lang and L. Young,2001, Dividend and expropriation, American Economic Review,91,54-78.
[19]Fan P.H., J.Li and J.Z. Guo,2008, Internal capital market in emerging markets: expropriation and mitigating financing constraints, Working paper, SSRN.
[20]Fan P.H., J.Li and J.Z. Guo,2008, Internal capital market in emerging markets: expropriation and mitigating financing constraints, Working paper, SSRN.
[21]Fan P.H.,T.J. Wong and T. Zhang,2007, The Emergence of Corporate Pyramids in China, Working paper,SSRN.
[22]Gangopadhyay, S., R, Lensink and R.V. Molen,2003, Business Groups, Financing Constraints and Investment:The Case of India, Journal of Development Studies,40,93-119.
[23]Gertner, R., Scharfstein, D., Stein, J.C.,1994. Internal versus external capital markets. Quart. J. Econ.109,1211-1230.
[24]Ghemawat, P., and T. Khanna,1998,The nature of diversified business groups:A research design and two case studies, Journal of Industrial Economics,46,35-61.
[25]Granovetter, M.,1994, Business Groups. In Smelser, N. J. and Swedberg, R. (Eds.). Handbook of Economic Sociology, Princeton University Press.
[26]Hill Charles W.L.,1988, Internal Capital Market Controls and Financial Performance in Multidivisional Firms [J], The Journal of Industrial Economics,37 (1),67-83.
[27]Houston, J., C. James, and D. Marcus,1997, Capital Market Frictions and the Role of Internal Capital Markets in Banking, Journal of Financial Economics,46,135-164.
[28]Hyland, D. C.,1999, Why firms diversify:An empirical examination, Working paper, University of Texas at Arlington.
[29]Jesen, M. C. and W. H. Meckling,1976, Theory of the firm:Managerial Behavior, agency Costs, and Ownership Structure, Journal of Finance,3,308-342.
[30]Jesen, M. C. and W. H. Meckling,1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review,76,323-329.
[31]Keister L.,2001a, Exchange Structure in Transition:Lending and Trade Relations in Chinese Business Groups, American Sociological Review,66(3),336-360.
[32]Keister L.,2001b, Friend or Foe? Business Groups during China's Transition, Chinese Business History,11(1),1-2.
[33]Khanna T. and W.J. Rivkin,2001, Estimating the Performance Effects of Business Groups in Emerging Markets, Strategic Management Journal,22,45-74.
[34]Khanna, T. and K. Palepu.2000b, the future of business groups in emerging markets: long-run evidence from Chile, Academy of Management Journal,43(3),268-85.
[35]Khanna, T. and Y. Yafeh,2007, Business Groups in Emerging Markets:Paragons or Parasites? Journal of Economic Literature,95,331-372.
[36]Khanna, T., and K. Palepu,2000a, Is Group Affiliation Profitable in Emerging Market? An Analysis of Diversified Indian Business Group, Journal of Finance,55,867-891.
[37]Khanna, T., and W. J Rivkin.,2000, Ties That Bind Business Groups:Evidence from an Emerging Economy, Harvard Business School Working Paper Series,0-68.
[38]La Porta, R., F. Lopez-de-Silanes, and A. Shleifer,1999, Corporate Ownership around the World, Journal of Finance,54,471-518.
[39]Lamont, O.,1997, Cash Flow and Investment:Evidence from Internal Capital Markets, Journal of Finance,52,83-109.
[40]Leff, N. H,1978, Industrial organization and entrepreneurship in the developing countries:the economic groups, Economic Development and Cultural Change,26,661-675.
[41]Lensink R., R. Molen and R. Gangopadhyay,2003, Business Groups, Financing Constrains and Investment:The case of India, Journal of Development Studies,12-93
[42]Lins, K. and H. Servaes,2000, Is Corporate Diversification Beneficial in Emerging Markets? working paper, University of North Carolina—Chapel Hill and London Business School.
[43]Maksimovic,V. and Phillips,G.,2002, Do conglomerate firms allocate resources inefficiently across industries? Journal of finance,2002,2,721-767.
[44]Matsusaka, J.G. and Nanda V.,2002, Internal Capital Markets and Corporate Refocusing, Journal of Financial Intermediation,11,176-201.
[45]Meyer M., P. Milgrom and J. Roberts,1992, Organizational Prospects, Influence Costs, and Ownership Changes, Journal of Economic and Management Strategy,1(1),9-35.
[46]Milgrom, P. and J. Roberts,1988, An Economic Approach to Influence Activities in Organizations, American Journal of Sociology (94),154-179.
[47]Milgrom, P. and J. Roberts,1990, Bargaining Costs, Influence Costs and the Organization of Economic Activity, in Perspectives on Positive Political Economy. Cambridge University Press.
[48]Peyer, U. C. and A., Shivdasani,2001, Leverage and internal capital markets: evidence from leveraged recapitalizations journal of financial economics,2001,59,477-515.
[49]Rajan. R, H. Servaes and L. Zingales,2000, The Cost of Diversity:The Diversification Discount and Inefficient Investment, Journal of Finance,55,35-80.
[50]Scharfstein, D. and J. Stein,2000, The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment, Journal of Finance,55,2537-2564.
[51]Scharfstein, D.,1998, The Dark Side of Internal Capital Markets II:Evidence from Diversified Conglomerates, NEBR Working Paper No.6352.
[52]Shin, H.H. and R. Stulz,1998, Are Internal Capital Markets Efficient? Quarterly Journal of Economics,113,531-552.
[53]Shin. H. H. and Y.S. Park,1999, Financing constraints and internal capital markets: Evidence from Korean Chaebols, Journal of Corporate Finance,5,161-191.
[54]Shleifer, A. and R.W. Vishny,1989, Management Entrenchment:the Case of Manager Specific Investments, Journal of Financial Economics,25,123-139.
[55]Stein. J.C,1997, Internal Capital Markets and the Competition for Corporate resources, Journal of Finance,52,111-134.
[56]Stein. J.C,2001, Agency, Information and the Corporate Investment, NBER Working papers W8342.
[57]Stulz, R. M.,1990, Managerial discretion and optimal financing policies, Journal of Financial Economics 26,3-27.
[58]Whited, T. M.,2001, Is it inefficient investment that causes the diversification discount?,5,1661-1697
[59]Williamson O. E.,1975, Markets and Hierarchies:Analysis and Antitrust Implications, New York:Collier Macmillan Publishers Inc,147-148.
[60]Wulf, J.,2002. Internal capital markets and firm-level compensation incentives for division managers. J. Lab. Econ.20 (2), S219-S262.
[61]陈信元、黄俊,2007,政府管制与企业垂直整合,管理世界,第2期,134-138.
[62]李焰、陈才东、黄磊,2007,集团化运作、融资约束与财务风险术——基于上海复星集团案例研究,管理世界,第12期,117-135.
[63]李增泉、孙铮、王志伟,2004,“掏空”与所有权安排——来自我国上市公司大股东资金占用的经验证据,会计研究,第12期,3-13.
[64]柳建华、魏明海、郑国坚,2004,大股东控制下的关联投资：“效率促进”抑或“转移资源”,管理世界,第3期,133-141.
[65]邵军,2007,大股东内部资本配置的经济后果——基于国光瓷业的案例研究,上海立信会计学院学报,第5期,92-96.
[66]邵军、刘志远,2007,“系族企业”内部资本市场有效率吗?——基于鸿仪系的案例研究,管理世界,第6期,114-127.
[671魏明海、万良勇,2006,我国企业内部资本市场的边界确定,中山大学学报(社会科学版),92-97.
[68]肖星、王琨,2006,关于集团模式多元化经营的实证研究——来自“派系”上市公司的经验证据,管理世界,第9期,80-86.
[691杨棉之,2007,多元化公司内部资本市场配置效率——国外相关研究述评与启示,会计研究,第11期,44-49.
[70]曾亚敏、张俊生,2005,中国上市公司股权收购动因研究：构建内部资本市场抑或滥用自由现金流,世界经济,第2期,60-68.
[71]张奎,2004,股权结构、多元化经营与公司价值,复旦大学博士论文.
[72]周业安、韩梅,2003,上市公司内部资本市场研究,管理世界,第11期,118-125.
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