产融结合效应实证分析——基于非金融上市企业投资期货公司的经验证据

Empirical Studies on the Effects of Financial-industrial Integration:Evidence from Non-financial Listed Compa⁃nies’Holding Futures Company Shares

基于2001年至2019年非金融上市企业参股期货公司的公告,研究了产融结合所引发的效应,并探讨了其中的原因。研究表明,投资期货公司对非金融上市企业短期股价产生正向影响,但其长期财务绩效并未因此得到改善,事件引发的市场短期反应并不能预示非金融上市企业长期财务绩效的变动,且分组检验表明股权比例增加组起了主导作用。结合公告内容,研究发现长期财务绩效变动与当初公告内容和市场预期不一致的主要原因在于所投期货公司规模较小、盈利状况一般、参股优质期货公司数量不多且股权比例较低所致。据此对非金融上市企业投资期货公司提供了参考建议。

With the announcements of the Non-financial Listed Companies participating in the futures companies from 2001 to 2019,this article studies the effects caused by the combination of industry and finance,and discusses the reasons.The research shows that the investment to the futures companies have a positive impact on the short-term stock prices of the Non-financial Listed Companies,but the long-term financial performance of them does not improve.The short-term market reaction caused by the event does not indicate the change to the long-term financial performance of the Non-financial Listed Companies,and grouping test shows that equity ratio increase group plays a leading role.Combined with the content analysis of the announcements,it is found that long-term financial performance changes do not agree with the original announcement content and market expectations which the main reason is the small scale of the futures companies invested,its average profitability status,the small number of high-quality futures companies and its low equity ratio.Therefore,some reference suggestions are provided for investing in the futures companies of the Non-financial Listed Companies.