银行持股与公司投资决策优化效应——基于深沪A股上市公司经验数据  

Shareholding of Banks and the Optimization Effect of Company's Investment Decisions-Based on the Empirical Data of A-share Listed Companies in Shenzhen and Shanghai

作　　者：李志军[1] 龙健华[2] 

机构地区：[1]湖南大学工商管理学院,长沙410082 [2]湖南工业大学财经学院,湖南株洲412007

出　　处：《云南财经大学学报》2012年第6期82-90,共9页Journal of Yunnan University of Finance and Economics

摘　　要：银行作为股东和债权人的特殊双重身份影响企业的融资结构与投资决策的关系。选择1999～2010年中国沪深A股上市公司为观察样本,从理论和实践角度系统地研究银行持股是否优化了公司的投资行为。研究结果发现:在过度投资和投资不足方面,银行持股的公司均要低于非银行持股公司,表明银行持股可以优化公司的投资决策。With the special double role of stockholder and creditor, banks influence the relationship between financing structure and investment decisions of enterprises. By taking A - share listed companies in Shenzhen and Shanghai from 1999 to 2010 as samples, the authors systematically study whether the shareholding of banks can optimize a company investment behavior from theoretical and practical perspectives. Results show that companies with the shareholding of banks have low rate of overinvestment and underinvestment than those whose shares are not controlled by banks. This proves that shareholding of banks can optimize the investment decisions of companies.

关 键 词：银行持股 投资决策 优化效应 

分 类 号：F832.5[经济管理—金融学]