多元化经营、企业属性与银行理财产品投资——基于我国上市公司的Heckman和2SLS分析

Diversified management, enterprise property and bank financial products investment--Analysis of listed companies in China based on the Heckman and 2SLS

近年来，企业“囤积现金”现象严重，其中上市公司选择投资银行理财产品“蔚然成风”，引起广泛热议，但探索其背后原因的实证文献仍较为鲜见。本文以2012-2014年我国上市公司数据为研究对象，利用Heckman和2SLS模型，从企业多元化经营视角分析了银行理财产品投资选择和程度的作用因素问题，并结合企业属性进一步考察了多元化经营与银行理财产品投资关系的影响。结果发现，企业多元化经营与银行理财产品投资间存在着显著负向关系，而企业属性对银行理财产品投资的偏好和选择存在显著影响，且企业的中央或地方国有属性不同程度地削弱了其多元化经营对银行理财产品投资选择的负向作用。此外，企业终极控制人控股水平显著影响了投资银行理财产品的程度。

In recent years, the corporate cash hoarding is serious, and more and more listed companies invest the bank financial products which cause a wide range of hot. But empirical literature exploring the reasons is still relatively rare. This paper based on the data from 2012 to 2014 of China＇s listed companies. We employ the Heekman two-phase model, choose the perspeetive of eorporate diversification, analye empirically on the bank and the factors influencing the level of financial investment seleetion. Furthely Examined its effect on the relationship between diversification and bank financial investment combined with the enterprise property. Results show that there is a significant negative relationship between diversification and bank financial investment. Whether the enterprises belong to state-owned enterprises or local state-owned enterprises also affect the preference and choice of bank financial investment and weaken the negative effect on diversifieation of enterprises to bank financial investment, and corporate controller＇s holdings significantly affected the degree of investment banking products, and the big shareholder holding level significantly affected the degree of investment bank financial products.