银行系基金持股、贷款融资与投资-内部现金流敏感度

Banking-fund Ownership, Loans Financing and the Sensitivity of Investment to Internal Cash Flow

本文基于股东与债权人利益冲突的视角,研究银行系基金持股对上市公司贷款融资、投资-内部现金流敏感度的影响。研究发现银行系基金持股水平与上市公司银行贷款规模、贷款期限之间具有显著正相关关系,与上市公司的投资-内部现金流敏感度显著负相关。本文的研究结论对于我国资本市场、商业银行和基金行业改革具有重要的启示与意义。

This study analyzes the impacts of banking-fund ownership upon loans financing and the sensitivity of investment to internal cash flow of the listed companies from the perspective of the conflict between shareholders and creditors.This research finds significant positive correlations exist between banking-fund ownership and the overall size and term of bank loans of the listed companies yet highlighted negative correlations between that and the sensitivity of investment to internal cash flow of listed companies.It is of inspiring importance to China's reform in its capital market,commercial banks and funds industry.