债务分布、子公司多元化与债务融资成本

当代财经 ›› 2020, Vol. 0 ›› Issue (6): 126-137.

债务分布、子公司多元化与债务融资成本

王龙丰, 马忠, 曙光

北京交通大学经济管理学院,北京 100044

收稿日期:2020-01-12 修回日期:2020-04-13 出版日期:2020-06-15 发布日期:2020-12-10
通讯作者: 王龙丰,北京交通大学博士研究生,主要从事企业集团财务与治理研究,联系方式wanglongfeng@bjtu.edu.cn。
作者简介:马忠,北京交通大学教授,博士,博士生导师,主要从事公司财务与公司治理研究;曙光,北京交通大学博士研究生,主要从事企业集团财务与治理研究。
基金资助:
北京市社会科学基金项目“北京市国有企业集团资本优化配置与产业转型升级研究”（19GLB021）; 国家社会科学基金项目“金字塔型控股集团的多层级公司治理与内部资本市场研究”（14BGL039）

Debt Distribution, Subsidiaries' Diversification and Cost of Debt Financing

WANG Long-feng, MA Zhong, SHU Guang

Beijing Jiaotong University, Beijing 100044, China

Received:2020-01-12 Revised:2020-04-13 Online:2020-06-15 Published:2020-12-10

摘要/Abstract

摘要： 基于授权经营模式下子公司自主融资的背景,分析并检验了债务融资在母子公司间分布对上市公司合并整体债务融资成本的影响。研究发现：子公司承担的债务融资比重越高,上市公司合并整体债务融资成本也越高。进一步研究发现：子公司行业多元化程度和地域多元化程度越高,越会增强子公司承担的债务融资比重与上市公司合并整体债务融资成本的正相关关系;母公司向子公司委派高管产生的监督效应以及母公司为子公司提供融资担保产生的保险效应,均能缓解子公司承担的债务融资比重与上市公司合并整体债务融资成本的正相关关系。

关键词: 债务分布, 行业多元化, 地域多元化, 债务融资成本

Abstract: In the context of the independent financing of the subsidiaries under the authorized operation mode, this paper analyzes and tests the influence of the distribution of debt financing between parent companies and the subsidiaries on the costs of the combined whole debt financing of the listed company. The findings show that the higher the proportion of debt financing undertaken by the subsidiaries, the higher the cost of the combined overall debt financing of the listed companies will be. Further research finds out that the higher degree of industrial diversification and geographical diversification of subsidiaries will strengthen the positive correlation between the proportion of debt financing undertaken by subsidiaries and the cost of the combined overall debt financing of the listed companies. The supervising effect of the parent company appointing senior executives to subsidiaries and the insurance effect of the parent company providing financing guarantee for subsidiaries can both alleviate the positive correlation between the proportion of debt financing undertaken by subsidiaries and the cost of the combined overall debt financing of the listed companies.

Key words: debt distribution, industrial diversification, geographic diversification, cost of debt financing

中图分类号:

F275.1

王龙丰, 马忠, 曙光. 债务分布、子公司多元化与债务融资成本[J]. 当代财经, 2020, 0(6): 126-137.

WANG Long-feng, MA Zhong, SHU Guang. Debt Distribution, Subsidiaries' Diversification and Cost of Debt Financing[J]. Contemporary Finance & Economics, 2020, 0(6): 126-137.

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