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Financial Constraints and Financial Risk under Collectivize Operation

Author: MaJianYun
Tutor: SongYuChen
School: Jilin University
Course: Accounting
Keywords: Internal capital market Financial risk Financing constraints Enterprise Group
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 110
Quote: 0
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Abstract


In 2010, China's nominal GDP was $ 5.8786 trillion, Japan's nominal GDP is $ 5,474,200,000,000, these data show that China officially replaced Japan as the world's second-largest economy. Since the reform and opening up, China's economy has been the rapid development, economists believe that the 21st century is the golden age of China's economic development. In early 2010, according to the National Development and Reform Commission statistics show, the nominal GDP in 2009 to 33.5353 trillion yuan, the total year-end assets of the national large-scale enterprise 19.312401 trillion yuan, the main business income of 18.070072 trillion yuan, China's GDP, the total value has reached 57.6 % and 53.9%. The visible corporate conglomeration formed enterprise groups to promote the development of China's economy has played an important role. Issues related to research on enterprise groups is therefore necessary and meaningful. The companies want to survival and development is necessary to make use of all available resources, including not only the external capital market resources, but also to the deployment of a good internal capital market resources. Based on internal capital market theory, the use of the Chinese A-share market data, empirical research methods, to justify the two assumptions: Suppose: inside the enterprise groups, financing constraints and financial risk is not a linear relationship, but a U-shaped relationship; Hypothesis II: the Group financing constraints of the state-owned holding enterprises is relatively lower than the non-state-owned holding enterprise groups. The thesis is divided into two parts, the chapter is organized as follows: The first part is the theoretical part, including the first three chapters. Chapter 1 is an introduction part. This paper introduces the research background, purpose, meaning and research methods, and presented this paper to solve the main problem. Chapter 2 is a literature review. The literature review section summarized the theory of the group, financing constraints and financial risk at home and abroad, direction extract this study after a literature review. Chapter 3 is the theoretical basis and assumptions. This article relying on internal capital market theory believe that the the enterprises group operation after the formation of the Enterprise Group is essentially equivalent to the \Enterprise by means of internal and external market level of efficiency of resource allocation alternative role to alleviate the problem of financing constraints faced by the enterprise. Special institutional background, combined with our proposed research hypothesis of this paper. The second part of the empirical part, including Chapter 3. Chapter 4 study sample and model established, introduces data screening methods, variable definitions, and to establish a model to validate the assumptions proposed in Chapter 3. Chapter 5 is an empirical test parts manual screening of the latest data input to the model established outcome, analyze and validate the assumptions part. Chapter 6 is the conclusion, summarize the results of this research, pointed out that the lack of paper and directions for future research.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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