企业持股金融机构策略选择与资本结构优化调整  

Strategic Choices of Corporate Shareholdings with Financial Institutions and Capital Structure Optimizing Adjustment

作　　者：夏子航 辛宇[1] XIA Zi-hang;XIN Yu(Sun Yat-sen University,Guangzhou 510275;Postdoctoral Innovation Base,Zhuhai Financial Investment Holding Co.,Ltd.,Zhuhai 519000,China)

机构地区：[1]中山大学管理学院,广东广州510275 [2]珠海金融投资控股集团有限公司博士后创新基地,广东珠海519000

出　　处：《当代财经》2020年第6期54-68,共15页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“资源丧失视角下的独立董事强制辞职研究”(71672198);广东省哲学社会科学“十三五”规划项目“国有资本投资运营公司资本优化配置研究:基于企业网络视角”(GD18XGL62);广东省科技计划项目“粤港澳大湾区跨境金融制度创新与合作策略研究”(2019A101002017)。

摘　　要：基于内部资本市场的视角,以2006-2015年沪深A股主板非金融上市公司为研究样本,实证考察了企业持股金融机构策略选择对资本结构优化调整的影响。研究发现:企业混业持股金融机构策略将减慢企业的资本结构调整速度,并且该效应主要表现在过度负债的企业当中;当企业选择持股多家非银行金融机构这一策略时,资本结构调整速度减慢的影响最为显著。进一步研究表明,"银行+非银"这一持股策略有利于降低上市公司由于调整资本结构对经营风险所带来的负面影响。因此,在"降杠杆、减负债、控风险"的政策导向下,监管部门有必要强化对过度负债企业混业持股金融机构行为的监管,并且在企业层面促进内部与金融机构间的协同合作以及优化相关治理结构,提高企业对资本结构的调整能力,防范实体企业资本结构偏离实际目标需求所形成的经营风险与金融风险。From the perspective of the internal capital market and taking the A-share mainboard non-financial listed companies in Shanghai and Shenzhen from 2006 to 2015 as research samples,this paper empirically investigates the impact of strategic choices of corporate shareholdings with financial institutions on the optimization and adjustment of capital structure.The findings show that the strategy of corporate mixed shareholdings with financial institutions would slow down the speed of capital structure adjustment,and this effect is more obvious in the over-indebted enterprises;when enterprises choose the strategy of holding shares with a number of non-bank financial institutions,the slowing down of capital structure adjustment speed is most significant.Further study shows that the shareholding strategy of"bank+non-bank"is conductive to reducing the negative effects on the operation risks of listed companies resulted from capital structure adjustment.Therefore,under the policy guidance of"lowering leverage,reducing liabilities and controlling risks",it is necessary for the regulatory authorities to strengthen the supervision of the behaviors of mixed shareholdings with financial institutions in the enterprises with excessive liabilities.As for the enterprises,they need to promote the cooperation between themselves and financial institutions and optimize the relevant governance structures,to improve their ability to adjust the capital structure,and to prevent the capital structure of the entity enterprises from operational risks and financial risks caused by the deviation from the actual target requirements.

关 键 词：持股金融机构 策略选择 目标资本结构 动态调整 

分 类 号：F275.6[经济管理—企业管理]