内部资本市场与公司财务风险

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[中图分类号］F275 [文献标识码]A [文章编号]1008-1763（2025）04-0034-14

Abstract：Taking A-share listed companies from 2O16 to 2O2l 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 eficiency. The mitigating effect of internal capital market on financial risks is more significant in the areas with better market legal system，more significant in nonstate-owned companies and companies with low financial assets allcation. 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.

Key words： enterprise group;internal capital market; financial risk;external shock

一 引言

在现阶段经济增速换挡、产业转型升级等因素的共同作用下，企业经营过程中潜藏的财务风险与日俱增。（剩余19912字）