摘要
"由产而融"易、"由融及产"难。在债务违约频发的经济新常态下,"双刃剑"的产融结合战略能够帮助实体企业缓释信用风险吗?本文选择2008-2015年投资非上市金融机构的上市公司数据,利用KMV模型多视角地分析了企业产融结合对信用风险的影响。结果发现,第一,企业产融结合可以显著降低信用风险,而且二者间存在一定的"正U型"关系;第二,所投资金融企业的类型不同,企业的产融结合对信用风险的作用存在明显不同,投资银行和证券公司降低信用风险的效果最佳;第三,随着投资金融企业股权比例的提高,企业信用风险明显降低,但达到绝对控股后又会增加企业的信用风险。最后,企业的国有属性削弱了产融结合与信用风险的负向关系。因此,有条件的实体企业尤其是非国有企业可以适度投资与自身产业契合度高的金融机构。
"From industry to finance"is easy,"From finance to industry"is difficult.The combination strategy of industry and finance can be described as a"double-edged sword.".Under the new normal economy with frequent debt defaults,can this help entities to release credit risk?Selecting the data of listed companies which invested in non-listed financial institutions from 2008 to 2015.By using the the KMV model to analyze the integration of industry and finance’s effect on credit risks.The results show that,firstly,the combination of industry and finance could significantly reduce the credit risks,and there is a certain positive"U"relationship between them;secondly,the types of invested financial enterprises are different,in which,the investment banks and securities companies got the most effective influence in reducing the credit risks among all the integrations of industry and finance.Thirdly,with the increase of the equity ratio of the invested financial enterprises,the credit risks of the enterprises decrease obviously,however,the credit risks of the enterprises will increase when it close to the absolute holding.Finally,the state-owned property of enterprises has a negative effect on the relationship between integration of industry and finance and credit risks.Therefore,the qualified entity enterprises,especially the non-state-owned enterprises,should actively invest in financial institutions with appropriate amount as well as those are highly compatible with their own industries.
作者
杨竹清
YANG Zhuqing(Jinan University Statistics Postdoctoral Research Station;Jiangmen Rural Commercial Bank)
出处
《当代金融研究》
2018年第5期32-46,共15页
Journal of Contemporary Financial Research
基金
江苏省教育厅高校哲社项目(2017SJB1094)
广东省哲学社科项目(GD14XYJ15)支持
关键词
产融结合
KMV模型
信用风险
金融投资
Intergration of Industry and Finance
KMV Model
Credit Risk
Financial Investment
