产融结合与企业转型升级——基于制造业上市公司参股非上市银行的实证研究  

Integration of Industry and Finance in the Transformation and Upgrading of Enterprises——An Empirical Study on Listed Companies Participating in Non-listed Banks in Manufacturing Industry

作　　者：马永斌[1] 闫佳 MA Yong-bin;YAN Jia(Graduate School at Shenzhen, Tsinghua University,518055,Shenzhen,Guangdong,China;School of School of Finance and Economics,Shenzhen Institute of Information Technology,518172,Shenzhen, Guangdong,China;Center for Central China Economic Development Research, Nanchang University,330029, Nanchang ,Jiangxi, China)

机构地区：[1]清华大学深圳研究生院,广东深圳518055 [2]深圳信息职业技术学院财经学院,广东深圳518172 [3]南昌大学中国中部经济社会发展研究中心,江西南昌330029

出　　处：《特区经济》2019年第5期102-108,共7页Special Zone Economy

基　　金：广东省教育厅2017年度"创新强校工程"项目(2018GWQNCX058);深圳市哲学社会科学"十三五"规划(135C009);深圳市哲学社会科学"十三五"规划(135B016);深圳信息职业技术学院校级科研培育项目(QN201701)

摘　　要：本文基于制造业上市公司的微观数据,使用适合处理内生性问题的倾向评分匹配、双重差分模型估计模型和工具变量法,探寻因产融结合而变化的系统性内生变量如何作用于转型升级的动态演化过程。结果发现参股非上市银行这种产融结合方式可以促进制造业企业的转型升级,随着参股比例的提升转型升级的程度越高,并且发现参股非上市银行这种产融结合模式起作用的微观机制是通过财务协同来实现的。This paper based on micro data of listed Companies in the manufacturing industry, using the ap-propriate model for deal with the endogeneity problem, such as PSM, Did, explore the dynamic evolution pro-cess of the system endogenous variable. Finally, the shares of non listed banks can promote the transforma-tion and upgrade of manufacturing enterprises, with the higher ratio of equity to enhance the transformation and upgrading of the degree, and found that the micro mechanism of shares of non listed banks combination mode is realized through financial synergy.

关 键 词：产融结合 制造业 转型升级 参股非上市银行 

分 类 号：F425[经济管理—产业经济] F832.1