产融结合、产权性质与企业转型升级——基于上市公司参股非上市金融机构的研究  

Integration of Industry and Finance,Property Rights and Transformation and Upgrading of Enterprises:Based on the Research on Listed Companies’Participation in Non⁃listed Financial Institutions

作　　者：邵国华[1] 巢明星 SHAO Guohua;CHAO Mingxing(College of Economics,Jiangxi University of Finance and Economics,Nanchang,Jiangxi 330013,China)

机构地区：[1]江西财经大学经济学院,江西南昌330013

出　　处：《宜宾学院学报》2022年第3期28-37,共10页Journal of Yibin University

摘　　要：选取我国A股上市的非金融企业的样本数据,探讨产融结合与企业转型升级之间的关系,并进一步分析了企业不同产权性质对二者关系的调节作用。经实证分析得知:企业产融结合与转型升级之间呈“倒U型”关系。企业的非国有控股性质比国有控股性质更能促进企业的转型升级,另外国有控股性质增强了产融结合和企业转型升级之间的正相关关系。The sample data of non-financial enterprises listed in China’s A-share market was selected to dis⁃cuss the relationship between industry-finance combination and enterprise transformation and upgrading,and then the regulating effect of different property rights of enterprises on the relationship between them was ana⁃lyzed.The empirical analysis shows that there is an“inverted U-shaped”relationship between the industry-fi⁃nance integration and the transformation and upgrading of enterprises.The non-state holding nature of enter⁃prises can better promote the transformation and upgrading of enterprises than the state holding nature.In ad⁃dition,the state holding nature enhances the positive correlation between integration of industry and finance and the transformation and upgrading of enterprises.

关 键 词：产融结合 转型升级 全要素生产率 产权性质 

分 类 号：F832.5[经济管理—金融学]