银企共同股东与企业经营风险  

Common Ownership between Firms and Banks and Corporate Operating Risk

作　　者：杜勇[1] 岳慧诗 Du Yong;Yue Huishi

机构地区：[1]西南大学经济管理学院,重庆400715

出　　处：《证券市场导报》2025年第2期36-46,57,共12页Securities Market Herald

基　　金：国家自然科学基金面上项目“机构共同持股下的实体企业影子银行化同群效应:表征识别、驱动机理与经济后果”(72072146);重庆市社会科学规划重大项目“西部陆海新通道沿线物流跨部门数字化协同监管体系研究”(2023ZDLH13);重庆市教委科学技术研究重点项目“工业互联网推动重庆市制造企业数字化转型的动力机制与制度创新研究”(KJZD K202300201)。

摘　　要：本文以2007—2022年沪深A股非金融上市公司为样本,考察了银企共同股东对企业经营风险的影响及作用机制。研究结果表明,银企共同股东通过提高企业信贷资金可得性、推动企业持有预防储蓄型金融资产,显著降低了企业经营风险。异质性分析发现,对董事在银行兼职较少、处于金融发展水平较低地区的企业,银企共同股东的风险抑制作用更显著。经济后果检验表明,银企共同股东促进了企业和银行的协同共赢,降低了企业经营风险,使企业能更好地维持主营业务的稳定发展。本文不仅丰富了跨行业共同股东的相关研究,还为金融高质量服务实体经济的微观机制提供了经验证据。Using a sample of A-share listed non-financial companies on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2022,the paper examines the impact of common ownership between firms and banks on corporate operating risk and its working mechanisms.The result shows that common ownership between firms and banks significantly reduces corporate operating risk by improving credit accessibility and encouraging firms to hold precautionary-saving-type financial assets.The heterogeneity analysis finds that the risk-suppressing effect of common ownership between firms and banks is more significant in firms with fewer board members holding concurrent positions at banks and in regions with lower levels of financial development.The economic consequence test indicates that common ownership between firms and banks fosters synergies and mutual benefits between them,reducing corporate operating risk and enabling firms to better sustain the stable development of their core businesses.The paper not only enriches the research on cross-industry common ownership but also provides empirical evidence for the micro-level mechanisms through which the financial sector serves the real economy in a high-quality way.

关 键 词：银企共同股东 经营风险 信贷可得性 预防性动机 金融资产 

分 类 号：F272.3[经济管理—企业管理] F832.4[经济管理—国民经济]