战略差异度影响内部资本市场的活跃度和功能发挥吗？——来自A股上市公司的经验数据

管理评论 ›› 2020, Vol. 32 ›› Issue (8): 269-280.

战略差异度影响内部资本市场的活跃度和功能发挥吗？——来自A股上市公司的经验数据

刘静^1,2, 陈志斌³

1. 南京大学商学院, 南京 210093;
2. 南京审计大学会计学院, 南京 211815;
3. 东南大学经济管理学院, 南京 210096

收稿日期:2019-04-01 出版日期:2020-08-28 发布日期:2020-09-05
通讯作者: 刘静(通讯作者),南京大学商学院博士研究生,南京审计大学会计学院副教授。
作者简介:陈志斌,东南大学经济管理学院教授,博士生导师,博士。
基金资助:
江苏高校哲学社会科学研究项目（2017SJB0334）；江苏高校优势学科建设工程资助项目。

Does Strategy Deviance Influence the Vitality and Function of Internal Capital Market——An Empirical Study on Chinese A-share Listed Companies

Liu Jing^1,2, Chen Zhibin³

1. School of Business, Nanjing University, Nanjing 210093;
2. School of Accounting, Nanjing Auditing University, Nanjing 211815;
3. School of Economics and Management, Southeast University, Nanjing 210096

Received:2019-04-01 Online:2020-08-28 Published:2020-09-05

摘要/Abstract

摘要： 本文以2008—2016年的A股上市公司为样本，首先考察了战略差异度与内部资本市场活跃度之间的关系，研究发现，内部资本市场的活跃度受到战略差异度的影响，两者之间呈现正相关关系；其次考察了两者之间的关系在产权性质不同上市公司中的差异，研究发现，非国有上市公司中两者之间的正相关关系更为明显；并进一步考察了内部资本市场缓解融资约束作用在不同战略差异度公司中的差异，研究发现，战略差异度大的公司中内部资本市场缓解融资约束功能发挥更好。

关键词: 内部资本市场, 资本配置, 战略差异度, 产权性质, 融资约束

Abstract: The paper uses companies listed in Chinese A-stock market during 2008-2016 as an example to examine the relationship between strategic deviance and internal capital market vitality firstly. It is found that strategic deviance influences internal capital market vitality. The greater the strategic deviance is, the greater the vitality will be. Secondly, we examine the difference of their relationship in companies with different property rights and come to the conclusion that non-state-owned listed companies show stronger positive relationship of strategic deviance with vitality of internal capital markets. Thirdly, the paper tests the influence of strategic deviance to the function of internal capital market and finds that internal capital market can relieve financing constraints for companies with great strategic deviance while the function of relieving financing constraints is not obvious for companies with little strategic variety.

Key words: internal capital market, capital allocation, strategic deviance, property right, financing constraint

刘静, 陈志斌. 战略差异度影响内部资本市场的活跃度和功能发挥吗？——来自A股上市公司的经验数据[J]. 管理评论, 2020, 32(8): 269-280.

Liu Jing, Chen Zhibin. Does Strategy Deviance Influence the Vitality and Function of Internal Capital Market——An Empirical Study on Chinese A-share Listed Companies[J]. Management Review, 2020, 32(8): 269-280.

参考文献

[1] Mintzberg H. Mintzberg on Management:Inside Our Strange World of Organizations[M]. New York:Simon and Schuster, 1989
[2] Meyer J. W., Rowan B. Institutionalized Organizations:Formal Structure as Myth and Ceremony[J]. American Journal of Sociology, 1977,83(2):340-363
[3] Dimaggio P. J., Powell W. W. The Iron Cage Revisited:Institutional Isomorphism and Collective Rationality in Organizational Fields[J]. American Sociological Review, 1983,48(2):147-160
[4] Geletkanycz M. A., Hambrick D. C. The Exterrnal Ties of Top Executives:Implication for Strategic Choice and Performance[J]. Administrative Science Quarterly, 1997,42(4):654-681
[5] Oliver. Strategic Responses to Institutional Processes[J]. Academy of Management Review, 1991,16(1):145-179
[6] David L. Deephouse. To be Different or to be the Same? It's a Question (and Theory) of Strategic Balance[J]. Strategic Management Journal, 1999,20(2):147-166
[7] Denrell J. Should We Be Impressed with High Performance?[J]. Journal of Management Inquiry, 2005,14(3):292-298
[8] Hiller N., Hambrick D. Conceptualizing Executive Hubris:The Role of (Hyper-) Core Self-evaluations in Strategic Decision-making[J]. Strategic Management Journal, 2005,26(4):297-319
[9] Tang J., Crossan M., Rowe W. G. Dominant CEO, Deviant Strategy and Extreme Performance:The Moderating Role of a Powerful Board[J]. Journal of Management Studies, 2011,48(7):1479-1503
[10] 叶康涛,张珊珊,张艺馨. 企业战略差异与会计信息的价值相关性[J]. 会计研究, 2014,(5):44-51
[11] 陈波. 企业战略差异、产权性质与审计定价[J]. 会计论坛, 2015,14(1):94-107
[12] 李志刚,施先旺. 战略差异、管理层特征与银行借款契约——基于风险承担的视角[J]. 中南财经政法大学学报, 2016,(2):68-78
[13] Almeida H. V.,Wolfenzon D. A Theory of Pyramidal Ownership and Family Business Groups[J]. The Journal of Finance, 2006,61(6):2637-2680
[14] 卢建新. 股权结构、公司治理与内部资本市场效率[J]. 中南财经政法大学学报, 2009,(4):120-125
[15] 李苏齐. 企业多元化程度与内部资本市场效率的关系研究[D]. 新疆财经大学硕士学位论文, 2013
[16] 韩佳晓. 上市公司多元化战略与内部资本市场效率[D]. 北京工商大学硕士学位论文, 2011
[17] 王峰娟,邹存良. 多元化程度与内部资本市场效率——基于分部数据的多案例研究[J]. 管理世界, 2009,25(4):153-161
[18] Stein J. Internal Capital Markets and the Competition for Corporate Resources[J]. Journal of Finance, 1997,52(3):111-133
[19] 赵西卜,于海畅,杨少波,等. 集团多元化与内部资本市场的关系研究[J]. 现代管理科学, 2014,(3):18-20
[20] Samphantharak. Internal Capital Markets in Business Groups[D]. University of Chicago Working Paper, 2003
[21] 陈金龙,谢建国. 系族企业内部资本市场存在性及效率研究[J]. 宏观经济研究, 2010,(11):52-58
[22] 邹薇,钱雪松. 融资成本、寻租行为和企业内部资本配置[J]. 经济研究, 2005,40(4):64-74
[23] 綦好东,郭骏超,朱炜. 国有企业混合所有制改革:动力、阻力与实现路径[J]. 管理世界, 2017,33(10):8-19
[24] Fan J. P. H., Wong T. J., Zhang T. Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of China's Newly Partially Privatized Firms[J]. Journal of Financial Economics, 2007,84(2):330-357
[25] 李懋,柳银军,龙小宁,等. 所有制类型对我国企业惜贷成本的影响及民营企业的应对措施[J]. 管理评论, 2009,21(9):77-85
[26] 潘俊,王亮亮,吕雪晶. 金融生态环境、内部资本市场与公司现金策略[J]. 管理评论, 2015,27(5):58-69
[27] Almeida H., Campello M., Weisbach M. S. The Cash Flow Sensitivity of Cash[J]. The Journal of Finance, 2004,59(4):1777-1804
[28] 刘星,田梦可,张超. 回归A股缓解了企业融资约束吗?——基于现金-现金流敏感性的分析[J]. 管理评论, 2016,28(11):40-54