子公司经理内部资本市场决策的影响因素

为研究影响子公司经理决策的因素,以中国上市公司作为集团子公司的典型代表,设计了一个实验研究方案,有300名MBA学生参加.在方案中,给出了一个公司的基本情况描述,假定实验参与者是集团中的子公司经理,设定了3种典型的内部资本市场操作方式,让子公司经理依次选择是否接受某种内部资本市场操作,并选择做出这样决策的原因.根据理论分析和相关文献设定了14个可能原因,实验参与者需要对这些原因在李克特量表上给出分数.这14个原因被划分成6个因子进行了数据检验,结果表明,子公司经理最关注内部资本市场决策带来的市场反应,此外内部控制、集团整体意识等因素也有一定作用.

The Influence Factors of Internal Capital Market Decisions by Subsidiary Manager

Considering decisions on internal capital markets in group companies, subsidiary managers have their own benefits which would be different from the groups' value. In order to study what factors will affect the subsidiary manager's decision,taking Chinese listed companies as a typical representative of group subsidiary, an experiment plan was designed to collect data from 300 MBA students. In the plan, a basic scenario and three kinds of arrangements of internal capital markets were introduced to the participants, who were supposed to be subsidiary managers of a group company. They were required to choose whether agreement with the arrangements and give us reasons that affect their choices. 14 different reasons were given based on theory analysis and literature, and the participants should choose the score in a Likert scale. Then, the above reasons were divided into six factors to analyze the confirmative factor. According to the logistic regression results, stock market reaction is the most important influencing factor for subsidiary managers' decisions, and they also consider internal control and group interests make a definite effect.