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基于营业活动重分类的资本错配成因:总体框架与初步检验
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TitleThe Causes of Capital Misallocation Based on Reclassification of Business Activity  
作者王竹泉 段丙蕾 陈冠霖  
AuthorWang Zhuquan, Duan Binglei and Chen Guanlin  
作者单位中国海洋大学管理学院 
OrganizationManagement College of Ocean University of China 
作者Emailzhuquanw@126.com;dblacc@163.com;cgldesign@126.com 
中文关键词资本错配 营业活动重新分类 成因 
Key WordsCapital Misallocation; Business Activities; Causes 
内容提要资本错配将降低资本配置效率,并进一步降低公司价值。本文运用基于营业活动重分类视角下的资本错配指标,从管理层决策失效和管理层审慎决策两个层次对资本错配成因进行研究。研究发现,具有更大企业绩效评价体系差异、较高代理成本、较高融资约束程度、较弱管理层激励、较低资产专用性的企业具有更严重的资本错配。本文进一步检验了各成因对资本错配的影响路径,并检验了第二层次成因对第一层次成因的调节作用,结果表明,相对于低融资约束企业,在高融资约束企业中,企业绩效评价体系差异对资本错配的影响更大,代理成本、管理层激励对资本错配的影响更小;相对于低资产专用性企业,在高资产专用性企业中,管理层激励会造成更严重的资本错配,代理成本会较小程度地影响资本错配。相对于非国有企业,在国有企业中,企业绩效评价体系差异和管理层激励会造成更严重的资本错配,代理成本会较小程度地影响资本错配。本文基于营业活动重新分类视角,发现了影响资本错配的一系列因素,拓展了微观资本配置的研究视野,为上市公司内部资本配置决策提供了参考与建议。 
AbstractImproving the allocation efficiency of capital and other factors is an important way to realize the transformation of economic growth mode. On the one hand, capital allocation is the core of resource allocation. On the other hand, whether the demand for financial resources can be met determines economic development(Coase,1965). According to the theory of resource allocation efficiency, capital should flow to more efficient business activities to achieve the Pareto optimal of capital allocation (Wang Zhenshan, 1999; He Wentao et al, 2004). However, the existing literatures on capital allocation only focus on macro-capital allocation and micro-capital allocation, and micro-capital allocation focus on the capital allocation efficiency between firms, various subsidiaries of the diversified firms or the various branches of firms. There is little study on the problem of capital allocation and the causes of capital allocation from the perspective of business activities. With the development of economy, the operation modes of firms become more and more diversified. Capital operation has become an important way in the operation of firms. Investment activities and operating activities have become more and more equal in value creation activities of firms. Domestic and foreign researches have done a new exposition on the concept of business activities that are activities aimed at creating values, including operating activities and investment activities (IASB and FASB, 2008; Wang Zhu-quan, 2013). From the process of capital allocation, no matter how the capital is allocated to each branch or subsidiary, capital must be configured in the business activities in which the firm creates values. The capital misallocation based on reclassification of business activities reduce the efficiency of capital allocation within the company and have a significant impact on the value of companies, thus study on the causes of capital misallocation will improve capital allocation efficiency with in the company. This paper, based on the empirical analysis of the Chinese A-share listed companies from 2006 to 2015, makes an in-depth study on the causes of capital misallocation from the management decision-making failure and the management prudent decision-making based on the capital misallocation index from the perspective of business activities reclassification. This paper finds out companies with higher differences in corporate performance evaluation system, higher cost of agency, higher corporate financing constraints, lower incentive of corporate management and lower asset specificity tend to have higher capital misallocation. What’s more, this paper further analyses influence path of each causes and regulating effect of second level causes. Based on the perspective of business activities reclassification, this paper finds out a series of factors that affect the misallocation of capital, expands the research point of micro - capital allocation, and provides reference and suggestion for capital allocation within listed companies. The main contributions of this paper are as follows: (1) This paper, in theory, can make up for the problem that the current financial statements are not clear about the disclosure of specific business activities, which will help firms to analyze the efficiency of investment activities and business activities, and conducive to alleviate the prevalent phenomenon of light investment return and low capital use efficiency in China's capital market. (2) To help enterprises to understand and apply the reasonable performance evaluation system to guide the enterprise's capital allocation and operation investment decision-making, to alleviate the more serious capital misallocation in China's listed companies, to enhance the efficiency of the allocation of the entire social capital.  
文章编号WP1333 
登载时间2019-02-12 
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