持股银行、融资约束与上市公司投资效率——基于内生性面板随机前沿模型的实证分析  

Shareholding banks,financing constraints and the investment efficiency of listed companies--An empirical analysis based on the stochastic frontier of endogenous panel

作　　者：苑改霞[1] 胡彦鑫[1] Yuan Gaixia;Hu Yanxin

机构地区：[1]山西财经大学金融学院,山西太原030006

出　　处：《东岳论丛》2020年第5期28-39,191,共13页DongYue Tribune

基　　金：国家社科基金项目“流动性风险约束与中国商业银行资本结构的动态调整机制研究”(15BJY178);山西省高等学校科学研究优秀成果培育项目(2019SK024);山西省高等学校哲学社会科学研究项目“基于非预期损失的中国商业银行经济资本补偿机制研究”(2015317)。

摘　　要：本文以内生性面板随机前沿模型为基础,以2011—2018年沪深A股上市公司为研究样本,对上市公司持股银行、持股比例通过缓解融资约束提升投资效率进行了研究,实证结果表明:在其他因素不变的情况下,不考虑持股银行这一重要融资方式,上市公司由于融资约束造成的投资效率平均下降了71.26%,在1%水平显著,考虑持有银行股权的内生性时,与未持有银行股权的上市公司比,持有银行股权的上市公司的投资效率平均下降了62.29%,在1%水平显著,持股银行可以显著缓解由于融资约束造成的投资效率损失;在其他因素不变的情况下,当考虑持股银行的持股比例、持股比例的平方是内生变量时,上市公司的投资效率随着持股比例的变化而变化,投资效率增速会随着持股比例的增加而变得非常缓慢,在10%水平显著;通过进一步考虑公司特征的影响,发现国有控股公司、大规模公司、股利支付持续减少的公司在面临融资约束时,通过持有银行股权可以显著改善投资效率,从而达到减缓融资约束的作用。Based on the endogenous panel stochastic frontier model,this paper takes Shanghai and Shenzhen A-share lis-ted companies in 2011 to 2018 as samples and studies the way that Shareholding banks and shareholding ratio improve investment efficiency by alleviating the financing constraints.The results show that:(1)With other factors unchanged,when considering the endogeneity of holding bank equity,the investment ffciency of listed companies holding bank equity,compared with that of listed companies without bank equity,has dropped by 62.29%on average,which was significant at the level of 1%.Holding banks can significantly alleviate the loss of investment efficiency due to financing constraints;(2)With other factors unchanged,when considering the shareholding ratio of the bank and the square of the shareholding ratio be endogenous variables,the investment efficiency of listed companies changes with the change of holding ratio,and the change speed will become very slow with the increase of holding ratio,which is significant at the level of 10%;(3)With further considering the influence of corporate characteristics,it is found that,when faced with financing constraints,state-owned holding companies,large--scale companies and companies with decreasing dividend payments can significantly improve the investment efficiency by holding bank equity,thereby reducing the financing constraints.

关 键 词：持股银行 融资约束 投资效率 内生性面板随机前沿模型 产融结合 

分 类 号：F832[经济管理—金融学]