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本文以2007-2014年中国沪深A股非金融类上市公司为样本,从融资约束角度考察了企业持股金融机构的动因。实证研究发现,民营企业中,企业融资能力与持股金融机构(商业银行和非银行金融机构)倾向显著负相关,说明民营企业持股金融机构是为了缓解融资约束;国有企业中,企业融资能力与持股商业银行倾向显著负相关,与持股非银行金融机构倾向显著正相关,说明国有企业持股商业银行是为了获取融资便利,持股非银行金融机构是资金充裕下的多元化投资行为。本文研究对政府部门采取差异化政策引导实业企业参股金融机构具有启示意义。
Based on the sample of non-financial listed companies in China’s Shanghai and Shenzhen Stock Exchanges during 2007-2014, this paper examines the motivation of financial institutions holding financial institutions from the perspective of financing constraints. Empirical study found that among private-owned enterprises, the financing ability of enterprises is significantly and negatively correlated with the tendencies of holding financial institutions (commercial banks and non-bank financial institutions), indicating that private-owned financial institutions are holding financial institutions to ease the financing constraints; among state-owned enterprises, Negatively correlated with the tendencies of holding commercial banks and significant positive correlation with the tendencies of holding non-bank financial institutions, indicating that the state-owned enterprises hold commercial banks in order to obtain financing facilities and that the holding of non-bank financial institutions is diversified investment with sufficient funds . This study is of enlightenment to government departments to adopt differentiated policies to guide industrial enterprises to participate in financial institutions.