会计学院知识库

近年来，众多企业朝着集团化方向发展。既有研究表明，集团化运作所形成
的内部资本市场，具有信息效应和激励效应，可有效缓解融资约束和扩增融资能
力。然而，由于代理矛盾、过度投资和内部利益输送等问题，导致内部资本市场
运转功效异化，进而加大企业财务风险。
因此，本文基于我国目前转轨经济环境和现存制度背景，以海航集团为例，
依据集团化运作和内部资本市场相关研究框架，梳理海航集团经营发展情况、分
析海航集团并购企业的行业特征、对比其集团化前后融资现状，重点考察集团化
运作对企业融资约束和财务风险的影响。研究发现：面对外部融资渠道窄、成本
高、难度大等现实背景，在短期内，集团化运作可以在一定程度上缓解海航集团
的融资约束；海航集团通过控制现金流为导向的内部产业布局、基于集团化平台
的内部资本市场运作，削弱了企业同外部市场的信息偏差，提升了企业的融资能
力。然而，该种以融资扩张战略为主导的集团化运作模式在扩增企业融资能力的
同时会引致财务杠杆上升、经营业绩下滑、财务风险加大。在此基础上，结合海
航集团及旗下321 家公司实施实质性重组现状和研究现状，提出基于风险预防以
及风险爆发层面的政策建议。本文的研究对于我国其他民营企业采取科学、合理
举措缓解融资约束、实现平稳健康成长具有一定的现实意义。

In recent years, many companies have developed in the direction of
grouping. Existing studies have shown that the internal capital market
formed by group operation has information and incentive effects, which
can effectively alleviate financing constraints and expand financing
capabilities. However, due to agency contradictions, excessive investment,
and internal benefit transmission, the internal capital market's functioning
efficiency is alienated, which in turn increases corporate financial risks.
Therefore, this article is based on my country’s current transitional
economic environment and existing institutional background, taking HNA
Group as an example, based on the group operation and internal capital
market related research framework, sorting out the operation and
development of HNA Group, analyzing the industry characteristics of
HNA Group’s mergers and acquisitions, and comparing them. The current
status of financing before and after groupization, focusing on the impact
of group operation on corporate financing constraints and financial risks.
The study found that: in the face of the real background of narrow
external financing channels, high costs, and high difficulties, in the short
term, group operation can relieve HNA Group’s financing constraints to a
certain extent; HNA Group’s internal industrial layout oriented bycontrolling cash flow , The internal capital market operation based on the
group platform has weakened the information deviation between the
company and the external market and improved the company's financing
capabilities. However, this kind of group operation mode dominated by
financing expansion strategy will increase financial leverage, decline in
operating performance, and increase financial risks while expanding
corporate financing capabilities. On this basis, combined with the current
status of substantial restructuring and research of HNA Group and its 321
companies, policy recommendations based on risk prevention and risk
outbreak levels are put forward. The research in this article has certain
practical significance for other private enterprises in our country to take
scientific and reasonable measures to ease financing constraints and
achieve steady and healthy growth.