导　　师： 万良勇

学科专业： 1253

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 产融结合是企业实现跨越式发展的一个重要途径，与作为我国金融体系核心的银行业进行产融结合是企业理性选择下的必然趋势。在银行禁止持有企业股份的同时，上市公司对银行的参股行为却与日俱增，改变着上市公司和银行的产权结构。关于企业参股银行的政策的逐步放宽进一步推动了企业持有银行股份，因而在政府鼓励民间资本参股金融机构的政策背景下研究企业参股银行具有深远的现实意义。以往的研究发现了参股银行能够缓解企业融资约束，但并未研究不同情况下参股银行对融资约束影响的差异，本文通过分析在不同分组情况下参股银行对融资约束影响程度的差异性试图对以往文献进行补充和深化，同时本文对于企业克服融资约束以及政府引导产融结合趋势具有一定的启示意义。 本文以企业参股银行与其融资约束的关系为研究主线，并加入了公司规模、产权性质、行业竞争程度、货币政策和金融市场化程度因素，考察了在不同情况下二者之间关系的差异。本文样本选自2005-2012年间的A股上市公司，在剔除金融类公司样本和有数据缺失的样本后，共获得14018个有效样本。本文采用修正的Almeida等（2004）现金持有量—现金流量（Cash to Cash Flow，CCF）模型作为融资约束的基本模型，以上市公司是否持有银行股权的哑元变量作为参股银行的替代变量。 通过实证分析，本文研究结论主要包括以下几个方面：（1）上市公司参股银行能够缓解其融资约束，参股银行的上市公司相对于未参股银行的上市公司融资约束程度较小；（2）在规模较小的公司中，参股银行对于缓解其融资约束的作用显著高于规模较大的公司；（3）在非国有制的公司中，参股银行对于缓解其融资约束的作用显著高于国有制的公司；（4）当公司所处行业竞争程度较高时，参股银行对于缓解其融资约束的作用显著高于所处行业竞争程度低的公司；（5）在货币政策宽松时期，参股银行对于缓解公司融资约束的作用显著高于货币政策紧缩时期；（6）在金融市场化程度低的地区，参股银行对于缓解公司融资约束的作用显著高于金融市场化程度高的地区。 本文进一步对于如何缓解企业融资约束提出了相关建议：对于企业而言，应通过参股银行与银行建立良好的长期关系，并且在外部融资环境恶劣时积极寻求方法缓解融资约束；对于政府而言，应该进一步鼓励产融结合，并且完善我国金融体系，提高金融发展水平。 Financial-industrial integration is an important approach for enterprises to achieveleapfrog development. Since banking industry is the core of the financial system, it’s aninevitable trend for enterprises to integrate with the banking industry. Although banks areforbidden to hold the shares of enterprises, holding bank shares from listed companies areincreasing, which changes the ownership structure of listed companies and banks. Thegovernment eases the policies related to holding bank shares, which further promotesenterprises to hold bank shares and encourage private capital to hold shares of financialinstitutions. Under this background, studying on holding bank shares of enterprises hasprofoundly practical significance. Previous studies have found that holding bank shares canease the financing constraint of enterprises, but they did not study the different influenceunder different circumstances. In order to supplement and deepen the previous studies, thispaper analyzes the different influence on the financing constraint of enterprises by holdingbank shares. This paper can enlighten the enterprises to overcome financing constraint, aswell as the government to lead the financial-industrial integration trend. In this paper, the main line is the relationship between holding bank shares and thefinancing constraint of enterprises. It also adds the following factors: company size, the natureof ownership, the industry competition, monetary policy and financial marketization, toinvestigate the different relationship under different circumstances. The data selected fromA-share listed companies between2005and2012. After excluding samples of financialcompanies and samples with missing data, this paper gets14,018valid samples. The thesisuses the Cash to Cash Flow /(CCF/) model by Almeida et al./(2004/) as the basic model offinancing constraint, and uses the dummy variable of listed companies hold bank shares or notas the substitution variable of holding bank shares. Through the empirical analysis, the conclusions of this paper include the followingaspects:/(1/)Holding bank shares can ease listed companies’ financing constraints. Thefinancing constraints of listed companies holding bank shares are lower than those companieswithout holding bank shares./(2/)The influence on easing financing constraints by holdingbank shares is more significant for small-size companies than large-size companies./(3/)The influence on easing financing constraints by holding bank shares is more significant fornon-state-owned companies than state-owned companies./(4/)The influence on easingfinancing constraints by holding bank shares is more significant for companies in high-degree industry competition than companies in low-degree industry competition./(5/)Theinfluence on easing financing constraints by holding bank shares is more significant in theperiod of loose monetary policy than in the period of tight monetary policy./(6/)The influenceon easing financing constraints by holding bank shares is more significant in the region withlower degree of financial marketization than in the region with higher degree of financialmarketization. This thesis further put forward some suggestions on how to ease the financing constraint.For enterprises, they should establish good long-term relationship with banks through holdingbank shares, and actively seeking method to ease the financing constraint when the externalfinancing environment is harsh; for the government, it should further encourage thefinancial-industrial integration, improve our financial system, and enhance the level offinancial development.

关 键 词： 参股银行 融资约束 银企关系 产融结合

分 类 号： [F275 F276.6]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]