摘要
本文从“深袋效应”的独特视角出发,揭示了财务公司资金配置效率提升对集团成员企业在构建市场竞争优势中的重要作用。研究结果显示,财务公司通过提升集团内部资金配置效率,能够有效缓解集团成员企业的融资困境,进而促进科技创新、实现规模经济,最终提升市场竞争优势并实现“深袋效应”。进一步研究发现:(1)财务公司的“深袋效应”对于非国有控股、内部资本市场规模较小、行业竞争激烈及外部融资受限的集团成员企业更显著;(2)加强财务公司行业监管能有效抑制风险,使集团成员企业经营更加稳健。
This paper reveals the significant role of improved capital allocation efficiency by finance companies in helping affiliated enterprises build market competitive advantages from the unique perspective of deep-pocket effect.The findings show that finance companies can effectively alleviate the financing difficulties faced by affiliated enterprises by improving the efficiency of internal capital allocation within the group,thereby promoting technological innovation and realizing economies of scale,ultimately enhancing market competitiveness of affiliated enterprises and achieving the deep-pocket effect.Further research reveals that:(1)The deep-pocket effect of finance companies is more significant for affiliated enterprises that are non-state-controlled,operate in smaller internal capital markets,face intense industry competition,or have constrained external financing;(2)Strengthening industry regulation of finance companies can effectively mitigate risks,leading to more stable operations of affiliated enterprises.
作者
潜力
郑秋石
QIAN Li;ZHENG Qiu-shi
出处
《现代金融研究》
北大核心
2025年第7期71-84,共14页
Journal of modern finance
基金
江西省社科专项课题“提升我省重点产业链供应链韧性和自主可控能力研究”(24ZXQH12)
江西省高校人文课题“数字要素赋能江西产业链韧性提升的机制与路径研究”(JJ24102)
财政部部省共建项目“关于优化国有金融资本管理体制的研究”的资助。
关键词
深袋效应
财务公司
市场竞争
内部资本市场
deep-pocket effect
finance companies
market competition
internal capital market
作者简介
潜力,江西财经大学金融学院,教授、博士生导师;通讯作者:郑秋石,江西财经大学金融学院,博士生(南昌,330013),E-mail:qiushi_zheng@126.com。
