“实业+金融”的产融结合模式与企业投资效率——基于中国上市公司控股金融机构的研究  

The Combination Model of“Industrial and Financial"and Companies Investment Efficiency:A Research Based on Holding Financial Institutions of Listing Corporations in China

作　　者：李维安[1] 马超 

机构地区：[1]东北财经大学工商管理学院,辽宁大连116025 [2]中国公司治理研究院,天津300071

出　　处：《金融研究》2014年第11期109-126,共18页Journal of Financial Research

基　　金：国家社会科学基金重大招标项目"完善国有控股金融机构公司治理研究"(批准号:10ZD&035);国家社会科学基金青年项目"转轨经济背景下的媒体治理与投资者保护的理论与实证研究"(批准号:12CGL027);国家社会科学基金青年项目"转轨经济背景下国有企业党组织在公司治理上的效应研究"(批准号:13CGL051)的资助;国家自然科学基金青年项目"企业网络视角下的公司治理:基于连锁董事的研究"(批准号:71002093)

摘　　要：本文以2006—2010年我国沪深A股非金融类上市公司为样本，考察控股金融机构对于企业投资效率的影响，研究发现：虽然控股金融机构降低了企业的投资不足，但同时增加了企业的投资过度，就总体而言，控股金融机构降低了企业的投资效率。同时，在民营企业或内部资金较少的企业中，控股金融机构降低企业投资不足的作用更强，而当管理者代理问题较严重时，控股金融机构增加企业过度投资的作用更强。进一步研究发现，伴随企业控股权的增大，控股金融机构增加企业投资过度的变化趋势更加陡峭，而减少企业投资不足的变化趋势则较为平缓。企业控股金融机构降低了金融机构对于控股企业的资源配置效率。本文从控股金融机构这一崭新视角研究企业投资行为，拓展了企业投资效率理论，对于实业企业如何更好的利用产融结合模式，提高资金的投资效率，具有一定的借鉴意义。Using the sample of Chinese A - shares of Shanghai and Shenzhen non - financial listing companies from 2006 to 2010, this paper studies the influences of holding financial institutions on the company＇s invest- ment efficiency. The results suggest that although holding financial institutions can reduce underinvestment, it also increases overinvestment, on the whole, holding financial institutions reduces the investment efficiency. And in private companies or companies that lack of internal funds, the function of reducing underinvestment of holding financial institutions is stronger. When the manager agency problem is more serious, the function of in- creasing overinvestment of holding financial institutions is stronger. Further study suggests that with the increase of the ownership, the trend of holding financial institutions increase overinvestment changes more steeply, but the trend of decrease underinvestment changes more gentle. Enterprises holding financial institutions reduce the resource allocation of financial institutions to holding Enterprises. This paper studies company＇s investment efficiency with a new view of holding financial institutions, which expands the theoretical knowledge of company＇s investment efficiency. This paper also has certain significance for the industrial companies to use the combination of ＂industrial and financial＂ to increase their investment efficiency.

关 键 词：产融结合 投资效率 融资约束 代理问题 

分 类 号：F832.51[经济管理—金融学] F275F224