银行关联、地区金融文化与企业委托理财

Bank association,regional financial culture and corporate entrust finance

以2008-2014年A股主板上市公司为研究样本,基于公司治理和外部环境的视角,研究企业委托理财行为的驱动因素。研究发现:银行背景高管的存在有利于增强企业的委托理财意愿,具体而言,银行关联关系显著提高了企业委托理财的发生概率、投资频率和投资规模,缩短了企业委托理财的平均投资期限,却并未明显提高企业委托理财的实际收益;企业委托理财行为一定程度上依赖于地区的金融文化水平,在金融文化环境较好的地区,企业发生委托理财的可能性更大,委托理财投资频率更高,资金投资规模更大,委托理财的实际收益也更高;在对于企业委托理财行为的影响上,银行关联与地区金融文化呈现替代关系。

Using panel data of A-share main board listed companies from 2008 to 2014 as research sample,this paper studies the factors that affect enterprise entrust finance behaviors from the perspective of corporate governance and external environment.It is found that,firstly,the existence of bank executives in company is beneficial to strengthening enterprise financial management behaviors,and bank association significantly increases probability,frequency and scale of enterprises entrust finance,and shortens the term of investment,but does not significantly affect the yield return.Secondly,to some extent,behaviors of corporate entrust finance depend on regional financial culture.In the area of high level of financial culture,enterprises have higher possibility and frequency of involving in entrust finance,larger scale of investment and higher yield rate of return.Thirdly,as to the influence on probability of enterprise entrust finance,bank association substitutes regional financial culture.