企业投资银行理财产品能改善其绩效吗?——基于我国上市公司的3SLS分析

Can Enterprises Improve Their Performance Through Investing in Banks' Wealth Management Products?——Based on 3SLS Analysis of China's Listed Companies

一般认为,上市公司投资银行理财产品最直接的目的是扮靓业绩、增加利润,但其是否真正可以提高企业绩效和价值仍待验证。本文以2012—2015年深沪A股上市公司数据为样本,选择三阶段最小二乘法(3SLS)方法,着重考察了多元化和制度背景因素下企业银行理财投资对企业绩效的影响,结果发现:第一,企业利用资金大规模投资银行理财产品并不能提高绩效水平,反而会降低企业绩效,存在负向的"宣告效应";第二,企业业务多元化程度越高,企业绩效越低;第三,随着企业绩效提高,其多元化经营和银行理财投资倾向随之降低;第四,企业终极控制人属性和主体所在区域的市场化程度不同,企业绩效、投资银行理财产品和经营多元化三者间呈现不同关系。

It is generally believed that the listed company have the most direct purpose of increasing profits invested bank financing, but it is still unproven whether it can improve the enterprise performance and value. Based on the data of A-share listed companies from 2012 to 2015 as samples, this paper chooses the three stage least square （3 SLS） method, examines the influence of bank financial investment on enterprises＇ performance under the background of diversity and system factors. The results show thatfirstly, enterprises that invest in banks financial products by using large funds cannot improve their performance. On the contrary, it will affect the enterprises＇ performance, and there is the negative ＂announcement effect＂. Second, the higher degree of corporate diversification, the lower the corporate performance. Third, as to enterprises＇ performance improves, the diversification and bank financial investments tend to be reduced. Fourth, when there are differences among the properties of ultimate controller and marketization degree of the areas, there will show different relationships among enterprises＇ performance, banks wealth management and diversifiedcorporate performance.