摘要
本文通过文献回顾分析了世界主要国家银行与企业交叉持股的经济后果。从银行持有企业股份的角度而言,一方面银行持有企业股份能降低委托代理成本,另一方面银行同时作为股东和债权人会产生利益冲突。从企业持有银行股份的角度看,企业持股银行最直接的后果是关联贷款。但是,关联贷款既可能是掏空银行的手段,也可能是因为银行对企业股东更为了解,所以发放关联贷款。本文的结论表明,银行与企业交叉持股既有积极的一面,也要严密防范金融风险。本文的结论对于促进产融结合具有积极的意义。
The paper analyses the economic consequences of cross-shareholdings based on literature review.From the perspective of bank's holding of firm shares,it may reduce agency cost,and banks act as shareholders and debt holders will cause interest conflicts.From the perspective of bank's holding of firm shares,related lending is a direct economic consequence.But there are also two opposite reasons for related lending.Firstly,related lending can be tools of tunneling.Secondly,the bank holders are familiar with firms,so firms can get related lending more easily.The findings in our paper show that cross-shareholdings between banks and firms have positive effects,but we also need to avoid financial risk.The paper has significant implications for development of cross-shareholdings between banks and firms.
出处
《国际金融研究》
CSSCI
北大核心
2012年第2期58-68,共11页
Studies of International Finance
基金
国家自然科学基金项目"企业持有银行股份的动机与经济后果研究"(项目批准号:71102077)
国家社科基金重点项目"资本国际化背景下的中国产业安全研究"(项目批准号:10AZD014)和"对外经济贸易大学教师学术创新团队资助项目"的资助
关键词
银行
企业
持股
关联贷款
Bank
Firm
Shareholding
Related Lending