湖南大学学报（社会科学版）2025，Vol.39Issue(4)：34-47,14.DOI:10.16339/j.cnki.hdxbskb.2025.04.005
内部资本市场与公司财务风险
Internal Capital Market and Corporate Financial Risks
摘要
Abstract
Taking A-share listed companies from 2016 to 2021 as samples,the paper investigates the in-fluence of internal capital market within enterprise groups on corporate financial risks and its mechanism.The results find that the internal capital market can effectively inhibit the financial risks of enterprises,and this inhibition effect is greater after the occurrence of external shocks.In the absence of external shocks,the internal capital market reduces the financial risks of enterprises by easing financing constraints,while in the case of external shocks,the internal capital market reduces the financial risks of enterprises by easing financing constraints and improving investment efficiency.The mitigating effect of internal capital market on financial risks is more significant in the areas with better market legal system,more significant in non-state-owned companies and companies with low financial assets allocation.The internal capital market can allocate more available funds to enterprises with low cash holding ratio and good development prospects,thus exerting the effect of resource allocation.关键词
企业集团/内部资本市场/财务风险/外部冲击Key words
enterprise group/internal capital market/financial risk/external shock分类
管理科学引用本文复制引用
胡海峰,田一迪..内部资本市场与公司财务风险[J].湖南大学学报（社会科学版）,2025,39(4):34-47,14.基金项目
国家社会科学基金重点项目:中国资本市场韧性的影响因素、测度与提升路径研究(21AJL012) （21AJL012）
