综合化经营下银企关系、信息传递与银行系基金持股

Bank-Firm Relationship,Information Transfer and Bank-affiliated Fund Shareholding under the Circumstance of Financial Integration

随着中国商业银行综合化经营的深化,对商业银行各业务机构间协作的具体途径和机理进行考察变得十分必要。本文以2008-2013年度沪深A股上市公司为研究对象,运用分组回归分析方法,从信息传递视角系统分析综合化经营下银企关系对银行系基金持股决策的影响,考察不同政府干预水平和银行组织模式对银企关系和银行系基金持股关系的调节效应。研究发现:第一,良好的银企关系会显著提升银行系基金对该公司的持股比例,这意味着商业银行积累的企业私有信息不仅会影响其自身信贷决策,而且会通过特定渠道传递给银行系基金机构并影响其持股决策。第二,政府干预强度会弱化银企关系对银行系基金持股的影响,而组织模式的一体化水平会强化银企关系对银行系基金持股的影响。第三,银行系基金通过持股银企关系良好公司的股份获得了超额收益,进一步印证了信息优势的存在和价值。研究结果验证了金融综合化经营的信息共享和协作效应,也为优化金融综合化发展中的制度环境及组织模式等提供了理论支撑。

With the deepening of Chinese commercial bank＇s comprehensive operation, it is necessary to make specific investigations on the collaborating approaches and mechanisms between different business units within the bank. Comprehensive operation can benefit the bank greatly through the collaboration effects including information sharing and service quality enhancing. But it can also lead to higher level of risk-taking through carrying out risking business. Based on the relevant data of 4126 listed firms in China from the year 2008 to 2013, using the software of STATA13.0 and grouping regression method, this paper examines the effect of bank-firm relationship on bank-affiliated fund shareholding and its affecting mechanisms, explores the moderating effect of government regu- lation and banking organization model on the relationship between bank-firm relationship and bank-affiliated fund shareholding. The empirical study shows that the stronger bank-firm relationship will notably enhance the proportion of bank-affiliated fund shareholding, which means that the private information of the firms accumu- lated by the bank can not only affect its own credit decisions, but also transfer to bank-affiliated fund units through particular way and affect its shareholding decisions. Further research finds that government regulation strength will weaken the positive correlativity between bank-firm relationship and bank-affiliated fund shareholding, meaning that the strong government regulation distorts the credit decision so that the loan price doesn＇t reflect the real relationship between the bank and the firm. The financial integration level of the bank will strengthen the positive correlativity between bankfirm relationship and bank-affiliated fund shareholding. Finally, our study finds that the bank-affiliated fund has got abnormal gains through the shareholding of firms with good bank-firm relationship, which has further proofed the existence of the information transfer and its value. The results validate the information sharing and collaboration effects of financial integration, hence can contribute theoretically on how to optimize the institution environment and organization model in the developing of financial integration.