商业银行股债双持与企业金融化

Simultaneous Holding of Debt and Equity by Commercial Banks and Corporate Financialization

基于实体企业金融化和经济去杠杆两大热点问题,从商业银行股债双持视角研究非金融企业金融化发现,商业银行同时持有企业股权和债权显著抑制了企业金融化水平。股债双持对金融化的抑制作用通过降低财务风险(风险效应)和代理成本(治理效应)两种渠道实现。相对于非国有企业,双持对国有企业金融化的抑制作用更为明显,全国性银行的持股比例与双持企业金融化水平呈显著负相关。本文对抑制过度金融化和"脱实向虚"提出针对性建议。

Based on the hot issues of corporate financialization and economic deleveraging,this paper investigates financialization of non-financial enterprises through simultaneous holding of debt and equity(SHDE)by commercial banks.Results show that SHDE significantly depresses corporate financialization.Mechanism study shows SHDE depresses financialization through lowering financial risk(risk effect)and agency cost(governance effect).Further investigation shows that depressing effect of financialization by SHDE is more significant on state owned enterprises than non SOEs;Proportion of shares hold by nationwide banks is negatively correlated to corporate financialization.What followed are suggestions on constraining financialization and prompting enterprises back to their main business.