企业集团内部资本配置的经济后果3

3(201620300071),:,,,,;,,(ICM),,??,Gertner,ScharfsteinandStein(1994),,,,,,,,Hoshi,Kashyap,andScharfstein(1991),,,(BilletandMauer,2000),,,,BergerandOfek(1995),743(:08ZS97)Williamson,O.E.1975.MarketsandHierarchies:AnalysisandAntitrustImplications:AStudyintheEconomicsofInternalOrganization.NewYork.35-42©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(1998),,,,,Rajan,ServaesandZingales(2000),Wulf(2000),,,,,,Wolfenzon(1999),Khanna(2000)Claessensetal(2000)Bae,KangandKim(2002),,,JianandWong(2004),,:,;,,,?,?????,,,,,,(,2004);;,(,2007),,,1:1:,,,(,2007),,,84©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:2:,,,,,,,,,,,,3:3:,(),(EV)BergerandOfek(1995),:EV=LNMiMjBjBi,,MiBi,MjBj(ICM),(AFB)(AFL)//():EV=0+1(ICM)+2(GROUP)+3(ICMGROUP)+4(charateristic)t+Industry+Year+(1)EV=0+1(ICM)+2(Charateristic)t+3-8(ICMCharateristic)+Industry+Year+(2),Charateristic,LEV;DIV/,;SG(t-t-1)/t-1;IPOYEAR;SIZE;OWNERSHIPSTRUCTURE,;Industry;Year()20012006ACSMAR94BergerandOfek(1995)Q,Khanna(2000),,(Q)CarstenReimund120031InternalCapitalMarkets,BankBorrowingandInvestment:EvidencefromGermanCorporateGroups,LeipzigGraduateSchoolofManagement1workingpaper©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:20%,,5,;;393/:319/,74/;202/11,(113557),(112103),(t2165);(012152)(011366),(t2185);,;,,1EV112103(130847)112013(128025)112564(130502)112182(131593)112472(140168)113557(144033)ICM12152(1111323)12381(1123289)13169(1152694)12215(1116160)11219(129826)11366(148967)LEV14592(176599)14047(1164608)13605(124668)14140(1180754)17891(1105088)15927(174766)SIZE2113265(1119278)2114409(182001)2115252(1101527)2114232(177197)2018618(2105209)2110871(1115978)SG12554(198350)12462(1100897)12772(1100060)12397(1101101)12929(187298)13627(3122091)DIV11948(132097)12106(134018)11979(126826)12133(135350)11304(121543)11850(128989)IPOYEAR610918(2187525)611070(2187780)610385(2153897)611215(2194490)610299(2186797)611406(3105828)OWNERSHIPSTRUCTURE115601(1198976)111656(146644)112707(140918)111435(147481)311626(3199905)113453(178165):;,,(112472)(112013);,(012381)(011219),;,(112564)(112182)(013169)(012215)()1.2321;32()2:05©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(1894)1042(11259)GROUP-1024(-21518333)-1021(-2118733)ICMGROUP-1075(-3106833)LEV1925(951547333)1925(951555333)SIZE-1078(-81293333)-1078(-81266333)SG1006(1625)1006(1623)DIV1017(1182233)1017(1182333)IPOYEAR1010(1945)1009(1924)OWNERSHIPSTRUCTURE-1006(-1682)-1007(-1692)IndustryYearAd-R20180601802:EV;3,33,33310%,5%,1%3,,,,,131212ICM-1006-1275-71202-414313331059118393311179761838333LEV1020197510091314-1035-1845-1048-1737SIZE-1097-41714333-1061-21775333-1242-71418333-1161-41710333SG104821346331066112071008126010511841DIV100813541000-10031012135710231607IPOYEAR10031113-1005-118110521148510922147733OWNERSHIPSTRUCTURE-1015-1754-1032-1140810271824-1003-1078ICMLEV10351844-1008-1135ICMSIZE-71617-41550333-111049-61663333ICMSG-1023-1381-1047-1759ICMDIV10581101710201505ICMIPOYEAR115111292-1835-4173333315©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()4,,2,44,,;,,,34ICM1103011550335189031576333158361462333-16432137733LEV107319821072112311017116410761900SIZE-1279-111376333122141426333-1310-51161333-1280333-101617SG1085112211024132010741492108411012DIV103511380-1045-18701143210773310211737IPOYEAR-1007-1272-1010-1184109811133-1011-1362OWNERSHIPSTRUCTURE10211872-1057-11164-1026-136210071258ICMLEV-1024-130110531688-1095-1560-1029-1311ICMSIZE-11313-1673-51999-31609333-21844-936-11844-1876ICMSG-1019-1235-1051-1691-1002-1014-1016-1167ICMDIV-1039-155010181329-1171-21213331034134825©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:,,,,;,,.2007...2:134138,.2004...12:312,.2007.?..6:114121Bae,K-H,J-K1KangandJ-MKim.2002.TunnelingorValuedAdded:EvidencefromMergersbyKoreanBusinessGroups.JournalofFinance.57:2695-2740Berger,P1,andE1Ofek.1995.DiversificationsEffectonFirmValue.JournalofFinancialEconomics.37:39-65Billet,M1T1Mauer,D1C12000.DiversificationandtheValueofInternalCapitalMarkets:TheCaseofTrackingStock.Jour2nalofBanking&Finance.24:1457-1490.Claessens,S1,S1Djankov,andL1H1P1Lang.2000.TheSeparationofOwnershipandControlinEastAsianCorporations.JournalofFinancialEconomics.58:81-112Gertner,RobertH1,DavidS1ScharfsteinandJeremyC1Stein.1994.InternalversusExternalCapitalMarkets.QuarterlyJour2nalofEconomics.35:1211-1230.Hoshi,T1Kashyap,A1Scharfstein.D.1991.CorporateStructure,Liquidity,andInvestment:EvidencefromJapaneseIn2dustrialGroups.QuarterlyJournalofEconomics.106:33-60Jian,M1,andT1J1Wong.2004.EarningsManagementand