我国上市公司产融结合的效应分析——基于产业资本参股金融机构的实证研究

Financial Effects of Integration of Industry-Finance Capital in Chinese Listed Companies

本文选取2002-2016年我国沪深两市公告进入金融业的非金融上市公司为研究对象,运用非参数统计方法和事件研究法,分别考察上市公司进行产融结合的财务效应和股票市场反应。实证研究发现,参股金融业后上市公司取得正的财务效应,表现为每股收益和净资产收益率均明显增长。同时参股金融业会带来正向的市场反应,公司市值得到提升。但上市公司介入不同类别的金融牌照产生不同的市场反应。涉及主要金融牌照的产融结合比涉及类金融牌照的市场反应更为显著,而不同金融牌照的切入在短期和长期的市场反应具有差异。本文的研究证实了产融结合在提升公司效应中的积极作用。

This paper selects the Chinese non-financial listed companies that announcedentering the financial industry from2002to2016as the research object to investigate the financial effect and the stock market reaction of the integration of industry-finance capital.It finds that listed companies obtain positive financial effect after they entered the financial sector and the performance of earnings per share and return on equity have increased significantly.At the same time,their participation into the financial industry brings a positive market reaction,and companies market value increases.This paper also finds that the listed companies involved in different types of financial licenses will produce different market reactions.The market responses to integrations involving major financial licenses are more pronounced than to those involving quasi financial licenses.The research confirms the positive role of the integration of industry and finance in enhancing the corporate performance.