| 终极控制权与财务风险：来自沪市的经验证据 |
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| 引用本文： | 王永海,张文生. 终极控制权与财务风险：来自沪市的经验证据[J]. 经济管理, 2008, 0(Z2) |
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| 作者姓名： | 王永海 张文生 |
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| 作者单位： | 武汉大学经济管理学院; |
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| 摘 要： | 本文从财务预警指数与金融工程领域广泛使用的VaR两个角度来定义财务风险,研究终极控制权对我国上市公司财务风险的影响。研究发现,终极控制人的现金流量权与控制权的偏离程度越高,上市公司财务风险越高。同时,终极控制人的性质亦会影响上市公司的财务风险。民营上市公司的财务风险最高,地方政府控制的上市公司次之,中央政府控制的上市公司财务风险最低。
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| 关 键 词： | 终极控制权 财务风险 在险价值 |
Ultimate Control and Financial Risk:Evidence from Shanghai Market |
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| WANG Yong-hai ZHANG Wen-sheng. Ultimate Control and Financial Risk:Evidence from Shanghai Market[J]. Economic Management, 2008, 0(Z2) |
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| Authors: | WANG Yong-hai ZHANG Wen-sheng |
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| Affiliation: | WANG Yong-hai ZHANG Wen-sheng (Wu Han University,Wuhan,Hubei,430072,China) |
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| Abstract: | This paper examines the relationship between the ultimate control right and the financial risks.We use both the finance crsis index and the Value-at-Risk(VaR) method which is applied widely in the finance engineering field to measure the financial risk.We find that the separation between the cash flow right and the control right is positive with the financail risk.Moreover,we find that character of the ultimate controller indeed has an important impact on the financial risks.The non-state listed company has... |
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| Keywords: | ultimate control financial risk VaR |
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