内部资本市场与公司财务风险

胡海峰1; 田一迪2

内部资本市场与公司财务风险

引用本文：胡海峰1，田一迪2.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,(4):34-47

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作者	单位
胡海峰1，田一迪2	（1.北京师范大学经济与工商管理学院，北京 100875；2.中国人民大学应用经济学院，北京 100872）

中文摘要:以2016—2021年A股上市公司为样本，研究了企业集团内部资本市场对公司财务风险的影响及作用机制。研究发现，内部资本市场能够有效抑制企业的财务风险，并且这种抑制作用在外部冲击发生后更大。在没有外部冲击时，内部资本市场通过缓解融资约束降低企业财务风险，而在外部冲击情境下，内部资本市场通过同时缓解融资约束和提高投资效率降低企业的财务风险。内部资本市场对财务风险的缓解作用在市场法律制度更完善的地区更显著，在非国有企业、金融资产配置程度低的企业中更显著。内部资本市场能够将更多的可用资金调配给现金持有比例低、发展前景好的企业，从而发挥资源配置效应。

中文关键词:企业集团内部资本市场财务风险外部冲击

Internal Capital Market and Corporate Financial Risks

Abstract:Taking A-share listed companies from 2016 to 2021 as samples，the paper investigates the influence 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.

keywords:enterprise group internal capital market financial risk external shock

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