作　　者： ; ;

机构地区： 中山大学

出　　处： 《管理学季刊》 2018年第2期36-67,共32页

摘　　要： 随着金融业的开放与发展，中国越来越多的实业企业在主业之外拓展金融业务，投身于产融结合的实践中。从国际经验来看，实业企业借力金融资本有助于提高资本配置效率，是企业做大做强、实现跨越式发展的重要途径。使用手工搜集的中国A股非金融上市公司持股金融机构情况的数据，本文全面系统地考察了1999～2016年实业企业产融结合对风险承担的影响。研究结果发现，产融结合会显著提高实业类上市公司的风险承担水平。并且不同类型产融结合对企业风险承担的影响存在异质性。只有“牌照获取类产融结合”（持股银行、证券公司、保险公司）和“内部资本市场类产融结合”（持股财务公司）才对风险承担有显著影响。进一步研究发现，在宗教文化传统越强的地区，实业企业进行产融结合对提高风险承担水平的作用越弱：而如果行业竞争越激烈或者公司成长性越高，实业企业产融结合对提高风险承担水平的作用越明显。本文是对产融结合领域研究成果的极大补充和丰富，从全新的角度揭示了产融结合这一重要的企业战略决策对企业产生的影响。 With the opening up and development of China’s financial industry,more and more industrial companies in China are expanding into financial businesses and devoting themselves to the practice of integration of physical business and finance. We argue that industrial companies leveraging financial capital can improve their efficiency of capital allocation,and the integration of physical business and finance is an important way for companies to become bigger and stronger and achieve the leapfrog development. Using the manually collected data from the annual reports of non-financial listed companies holding financial institutions in China,this paper examines the impact of the integration of physical business and finance of industrial enterprises on corporate risktaking from 1999 to 2016. We find that the integration of physical business and finance has significantly improved the level of risktaking for industrial listed companies with the"license-aimed integration"( holding stock shares of banks,securities companies,and insurance companies) and"internal capital market-aimed integration"( holding stock shares of a financial company). Further analyses show that in areas where the religious culture traditions are stronger,the integration of physical business and finance will have a weaker effect on increasing the level of corporate risk-taking; and if the industry competition is fiercer or the company’sgrowth is higher,the integration will have an even stronger effect on corporate risk-taking. This research helps us better understand how the integration of physical business and finance is related to corporate risk-taking.

关 键 词： 产融结合 风险承担 宗教文化传统 行业竞争 公司成长性

领　　域： [经济管理—企业管理] [经济管理—国民经济]