产融结合与企业融资约束--基于上市公司参股银行的实证研究

Financial-Industrial Integration and Financial Constraints:Evidence from Listed Companies' Holding Bank Shares

产融结合对于提升企业经营绩效和优化金融资源配置具有重要意义。本文以2005-2013年上市公司参股银行为例,研究了产融结合影响企业融资约束的作用机理和实际后果。研究发现,由于存在信息效应和决策效应,上市公司参股银行能够显著缓解其融资约束状况。进一步研究发现,相对于国有控股、规模较大和行业竞争度较低的企业而言,民营控股、规模较小和行业竞争度较高的企业参股银行带来的融资约束缓解作用更加明显,并且参股银行的融资约束缓解作用在货币政策紧缩时期以及在金融欠发达地区更为明显。本研究丰富了产融结合、参股银行及融资约束的研究成果。

Financial-Industrial integration has important influence on firm performance and the efficiency of financial resource allocation. This article investigates how financial-industrial integration influences firms＇ financial constraints by taking listed companies＇ holding bank shares from 2005 to 2013. Firstly, this paper theoretically analyzes the mechanisms through which holding bank shares can influence firms＇ financial constraints. It shows that there are two mechanisms： information effect and decision effect. The information effect means that firms＇ holding bank shares can alleviate the information asymmetry between firms and commercial banks and lower the cost caused by adverse selection and moral hazard. The decision effect means that firms who hold bank shares can step in the lending process of banks by sitting on the boards of banks. Secondly, we empirically test whether firms＇ holding bank shares can alleviate their financial constraints. The results show that holding bank shares can alleviate the listed companies＇ financial constraints. Furthermore, compared to state owned firms, larger firms and firms with lower degree of industry competition, holding bank shares by non-state owned firms, smaller firms and firms with higher degree of industry competition can be more capable of alleviating firms＇ financial constraints. Holding bank shares can be more capable of alleviating firms＇ financial constraints in the period of tighten money policy and in the areas with less developed financial markets. Thirdly, we empirically test the two mechanisms and find both of them are at play. We also conduct some necessary robust tests and find previous results still stand. Finally, this paper puts forward some suggestions about how the government can promote financial-Industrial integration and avoid its risk at the same time. This paper clarifies the mechanisms between financial-industrial integration and firms＇ financial constraints, and provides new empirical evidence about it. This paper enriches the literature of financial-industrial integration, holding bank shares and financial constraints.