民营企业参股银行的动机与效果研究——以上市民营企业为例  

The Motive and Effect of Holding Bank Shares of Private Enterprises: Based on the Listed Private Enterprises

作　　者：郭牧炫[1] 廖慧[1] 

机构地区：[1]南开大学金融学系

出　　处：《经济评论》2013年第2期85-92,共8页Economic Review

基　　金：中央高校基本科研业务费项目(NKZXB10046)资助

摘　　要：本文以2006-2010年各年新增参股银行的上市民营企业为研究对象,从参股动机和效果两个维度对民营企业参股银行进行了研究,并考察了参股行为对民营企业融资约束的影响。结果发现,上市民营企业参股银行更多出于追求多元化经营和分享银行业的垄断利润考虑,参股后民营企业的融资约束得到了显著缓解。比较参股前后发现,民营企业在整体负债水平、银行借款方面都有显著增加,借款期限结构显著缩短,显示参股银行的确可以帮助民营企业获得外部融资。相比之下,参股后企业的营业外净收益有所增加,但整体绩效水平显著下降。There are some new listed private enterprises that choose to hold bank shares every year,and based on these private enterprises from 2006 to 2010,we investigate from two dimensions of private enterprises ownership,namely their motive and effect.Our findings indicate that the main purpose of private enterprises ownership is of diversification strategy and for the share of the banking industry monopoly profits,which can help to relieve financing constraints significantly.Compared the financial status of ownership before and after,we find that the total debt levels and bank loans of listed private enterprises increase significantly,and meanwhile the loan term structure is shorter.The results suggest that holding bank shares can help private enterprises to obtain external financing.On the contrast,non-operating net earnings increase after holding bank shares,but the performance level decrease significantly.

关 键 词：民营企业 参股银行 融资约束 产融结合 

分 类 号：F276.5[经济管理—企业管理] F224[经济管理—国民经济] F832.3