金融机构股权、投资者预期与企业价值

Financial Institution Ownership,Investors' Expectation and Firm Value

本文以2007—2011年中国上市公司为样本,考察上市公司持股金融机构是否影响资本市场投资者对公司价值的预期。研究发现,整体而言,投资者对于上市公司持股金融机构这一行为的预期是正面的;然而,投资者对于不同所有制和处于不同竞争环境的上市公司持股金融机构的预期是不同的,对于中小企业持股金融机构有更积极的市场反应。研究结果显示,投资者是相对理性的,其对于相对弱势的群体持股金融机构反应较为积极。可以尝试因势利导,通过鼓励特定企业加强与融资机构的联系帮助其减轻融资难的问题。

This study investigates how listed companies＇ holding of financial institution affects the investors＇ expectation of the firm value. By using the Chinese listed firms from 2007 to 2011 as samples,it is found that investors have different expectations of SOEs and non-SOEs,competitive firms and monopolistic firms,and the market reacts positively to SMEs＇ holding of financial institution ownership. The results suggest that firms in a weak financing position benefit more from this kind of relationship with financial institutions,which might provide a solution to the financing problems.