摘要
文章以2006-2016年的非金融上市企业为对象,在"五年计划"的产业政策实施背景下,探讨上市企业参股金融机构的动机以及产融结合策略对企业融资约束的影响。研究发现:持有金融机构的股权能显著降低企业融资约束;产业政策不支持的企业更有动机实施产融结合,且产融结合对融资约束的缓解作用在产业政策不支持行业更为显著;在产业政策不支持行业中,产融结合是通过信息作用和关联作用来缓解融资约束的;产融结合对企业成长的促进作用仅体现在产业政策不支持行业中。研究结果说明,面临不利的制度环境(产业政策不支持),企业可能会通过替代性机制(产融结合)以规避其负面影响。
Taking the non-financial listed companies from 2006 to 2016 as the study object,this paper discusses the motives of listed companies to hold shares of financial institutions and the impact of financial-industrial integration strategy on corporate financing constraints in the context the of the implementation of the“Five-Year Plan”industrial policy.The study shows that:Financing constraints are significantly reduced by financial-industrial integration;Companies without industrial policy support are more motivated to carry out financial-industrial integration,and the mitigative effect on financing constraints is more significant for these companies;The financial-industrial integration relieves financing constraints through the role of information and relationship in industries without industrial policy support;And the positive impact of financial-industrial integration on corporate growth can only be found in industries not supported by industrial policy.The study results indicate that companies may seek for alternative mechanisms(financial-industrial integration)to avoid the negative impact when facing the adverse institutional environment(without industrial policy support).
作者
周卉
谭跃
ZHOU Hui;TAN Yue(International Business Faculty,Beijing Normal University in Zhuhai,Zhuhai 519085,China;School of Management,Jinan University,Guangzhou 510632,China)
出处
《华东经济管理》
CSSCI
北大核心
2018年第11期83-89,共7页
East China Economic Management
基金
广东高校省级重点平台和重大科研项目之青年创新人才类项目(2016WQNCX170)
北京师范大学珠海分校教师科研能力促进计划
广东省哲学社科"十三五规划"学科共建项目(GD17XYJ35)
关键词
产融结合动机
产业政策支持
融资约束
企业成长
motive of financial-industrial integration
support from industrial policy
financing constraints
corporate growth
