我国上市公司产融结合效果分析——基于参股非上市金融机构视角的实证研究  

Empirical Studies on the Effects of Financial-industrial Integration based on Non-financial Listed Companies

作　　者：蔺元[1] 

机构地区：[1]北京航空航天大学经济管理学院

出　　处：《南开管理评论》2010年第5期153-160,共8页Nankai Business Review

基　　金：国家自然科学基金项目(70521001);教育部新世纪优秀人才支持计划(NCET050184)资助

摘　　要：本文以2001-2007年间参股非上市金融机构的上市公司为研究对象,考察上市公司产融结合动因、参股金融机构前后业绩变化以及参股金融机构类型、比例对产融结合效果的影响。研究发现,实施产融结合的上市公司具有更高的成长能力;产融结合后,上市公司业绩出现恶化;参股券商或提高参股比例对上市公司业绩改善有显著正向作用。Integration of financial instituations and industrial capital has occurred during the rudiment formation of industrial and banking monopoly in capitalist countries in later 1900s and earlier 2000s.With the development of societies and economies in China, the events of financial-industrial integration occurred frequently.It is the necessary result of profit maximization pursued by capital and multiple operations.Integrating industrial and financial capitals helps in accelerating capital accumulation, promoting transformation from savings to investment, and thus increasing economic growth.At present, with the special economic environment in China, whether the mode of financial-industrial integration is suitable for Chinese enterprises？ Whether the economic performance and profitability of the enterprises which carry on financial-industrial integration strategy could be promoted or not？ There are a variety of financial-industrial integration modes; the enterprise＇s characteristic discrepancy result in that the mode should be dissimilar.How to choose a suitable mode？ Answering these questions is benefitial to exactly evaluate Chinese listed company＇s financial-industrial integration strategy, and it is also meaningful to put forward useful suggestion to these enterprises which want to carry on financial-industrial integration strategy.This paper investigates the non-financial listed company which is carrying on financial-industrial integration strategy, during the period of 2001-2007, total 236 samples.On the basis of collecting related information of these sample company＇s financial information, the paper surveys the characteristics of these companies, conducts researches on Chinese listed company financial-industrial integration degree, and measures the economic performance through four years before and after its integration with empirical methods.The main conclusions of this paper are presented as follows：Firstly, enterprises with a high earning growth ratio tend to carry on financial-industrial inte

关 键 词：产融结合 非上市金融机构 LOGIT模型 Wilcoxon检验 

分 类 号：F279.2[经济管理—企业管理] F275[经济管理—国民经济]