银行股权关联与公司多元化:理论与实证分析  

The Relationship between Firm-bank Equity Connection and Corporate Diversification:Theoretical and Empirical Analysis

作　　者：罗付岩[1] 

机构地区：[1]桂林理工大学管理学院会计系

出　　处：《金融评论》2016年第2期100-113,126,共14页Chinese Review of Financial Studies

基　　金：国家自然科学基金资助项目"银行关联;企业并购决策与并购绩效"(项目号:71562007);广西高校人文社会科学重点研究基地基金资助(项目号:15YB004)的支持

摘　　要：如何建立新型的银企关系是我国经济发展中必须解决的重要问题。本文从银行股权关联视角,基于中国的特殊制度背景,综合资源基础理论、代理理论和内部资本市场等理论,采用多元化回归、倾向得分匹配等分析方法,利用沪深两市银行股权关联数据验证了我国上市公司的银行股权关联对企业多元化经济行为的影响,考察了它们对企业价值的共同作用。实证研究发现:银行股权关联促进了公司多元化水平的提高;银行股权关联对非国有企业多元化的影响大于国有企业;企业多元化和银行股权关联对企业的价值有显著的负向影响,两者的联合作用降低了企业的价值。本文的研究丰富了银企关系和多元化方面的文献,对现有研究进行了有益补充,为我国建立新型的银企关系制度提供了参考依据。During China's economic development, how to establish a new relationship between banks and firm is an important issue that must be addressed. The study employs multiple regression analysis and Propensity Score Matching methods to test the impact of firmbank equity connection on corporate diversification behavior. The main conclusions are as following: firm-bank equity connection im-proves the company's diversification level; in non-state enterprises, the effects of firm-bank equity connection on diversification level is significantly larger than those in state-owned enterprises; corporate diversification and firm-bank equity connection have a significant negative impact on the corporate value. This study enriches the literature of the banks-firm relationship and corporate diversification and provides a reference for China to establish a new relationship system between banks and firm.

关 键 词：多元化 银行股权关联 企业价值 银企关系 

分 类 号：F279.2[经济管理—企业管理] F832[经济管理—国民经济]