中国上市公司参与银行理财产品市场投资特征

The Features of China Listed Companies Investing' in Banks' Wealth Management Products

本文对参与银行理财产品市场的中国A股上市公司进行了统计分析和模型检验,分析了其参与时的数据特征及申购动机。研究发现,中国上市公司参与银行理财产品市场的深度与其最新一期现金余额及等价物规模、净资产大小成显著正相关关系。就整体及平均水平而言,上市公司属于深圳证券交易所的中小企业时,参与银行理财产品市场越深入,不论中央国企还是地方国企,参与深度都高于私人企业,相对于地处东部沿海城市的企业,处于中西部地区的上市公司参与银行理财产品的深度较大。相对于私人企业和地处东部沿海城市的企业,公司为地方国有企业并处于中西部地区时,上市公司参与银行理财产品的弹性较低。同时,银行理财产品的收益率显著影响上市公司参与理财市场的深度和弹性。

The money that absorb from listed company had in fact been flooding into bank financial products in China.This article clarified the reasons of listed company invested in bank financial products.The empirical findings proved that the purchasing mounts are positively related to the money equivalent and its net assets.It speculated that the listed company in Shenzhen Stock Exchange and state-owned-companies were more in favor of investing bank financial products.The non-private enterprises,located in East Coast,might be more fluctuating when they participated in investing bank financial products.Also,the yields of the financial products give elastic effects.