本文選題：關系型融資 + 參股銀行　； 參考：《復旦大學》2012年碩士論文

【摘要】：持有商業(yè)銀行股權(quán)是A股市場近年來的熱門現(xiàn)象。通常上市公司參股銀行會出于三個目的：多元化投資、股份分紅、資本增值。本文試圖從關系型融資這一深層次原因出發(fā),通過研究公司短期資本結(jié)構(gòu)調(diào)整,探尋銀行股權(quán)給公司帶來的超額價值。 文章首先介紹了關系型融資、資本結(jié)構(gòu)調(diào)整、公司估值的理論研究情況,進而在存在關系型融資的情況下,對A股市場上市公司持股銀行對其短期資本結(jié)構(gòu)調(diào)整的影響進行檢驗。我們發(fā)現(xiàn)中小市值公司的短期資本結(jié)構(gòu)調(diào)整更容易受持股銀行的影響。相比持股銀行的大市值公司,這些持股銀行的中小市值公司短期資本結(jié)構(gòu)調(diào)整更加趨于平穩(wěn)。此外,我們發(fā)現(xiàn)A股市場上市公司短期資本結(jié)構(gòu)調(diào)整,在經(jīng)營層面,主要受公司質(zhì)押能力的影響,與公司盈利能力、歷史、成長性關系不大。隨后,在我們的分行業(yè)檢驗中,我們發(fā)現(xiàn)制造業(yè)上市公司持股銀行對其短期資本結(jié)構(gòu)調(diào)整的影響是顯著的,這與制造業(yè)的行業(yè)特征有關。而一些壟斷型行業(yè)、輕資產(chǎn)行業(yè)上市公司持有銀行股權(quán)對其短期資本結(jié)構(gòu)調(diào)整影響不大。 接下來,我們檢驗了上市公司持股銀行對公司超額價值的影響情況。我們發(fā)現(xiàn),A股市場上市公司由于持有商業(yè)銀行股權(quán),使短期資本結(jié)構(gòu)調(diào)整趨于平穩(wěn),這會使公司的超額價值增加。而這一價值增加正是基于關系型融資帶來的未來可獲得現(xiàn)金流增加進行傳導的。同時,我們發(fā)現(xiàn),對于中小市值公司來說,由于關系型融資對其未來可獲得現(xiàn)金流的邊際改善相比大市值公司要大,中小市值上市公司持有的銀行股權(quán)對其超額價值的增加也較大。 最后,我們從公司和政策兩個方面提出了自己的建議。我們建議上市公司積極參與銀企間的合作,尤其是與本地的金融企業(yè)建立良好的合作關系；政策方面我們建議監(jiān)管層培育民間金融從地下走向陽光,并大力發(fā)展債券融資市場。
[Abstract]:Holding shares in commercial banks is a hot phenomenon in A-share market in recent years. Usually, the listed company shares in the bank for three purposes: diversified investment, share dividends, capital appreciation. This paper attempts to explore the excess value of bank equity to the company by studying the short-term capital structure adjustment from the deep reason of relational financing. This paper first introduces the theoretical research of relational financing, capital structure adjustment, corporate valuation, and then in the presence of relational financing, This paper examines the impact of the stock holding banks on the adjustment of the short-term capital structure of the listed companies in the A-share market. We find that the short-term capital structure adjustment of small and medium-sized market value is more vulnerable to the influence of shareholding banks. Compared with the big market value holding bank, the short-term capital structure adjustment of the medium-and small-sized market value company of these holding banks tends to be more stable. In addition, we find that the adjustment of short-term capital structure of listed companies in A-share market is mainly influenced by the company's pledge ability, which has little relationship with the profitability, history and growth of the company. Then, in our sub-industry test, we find that the impact of listed manufacturing companies' shareholding banks on their short-term capital structure adjustment is significant, which is related to the industry characteristics of the manufacturing industry. Some monopoly industries, light assets industry listed companies holding bank equity has little impact on its short-term capital structure adjustment. Next, we examine the influence of listed companies' shareholding banks on the excess value of the companies. We find that the listed companies in the A-share market tend to stabilize the short-term capital structure adjustment by holding shares in commercial banks, which will increase the excess value of the companies. This increase in value is conducted on the basis of increased cash flows available in the future as a result of relational financing. At the same time, we find that for small and medium-sized market value companies, because of the marginal improvement of the future cash flow that comes from relational financing, it is larger than that of the great market value company. The medium and small market value listed company holds the bank stock right to its excess value increase also. Finally, we put forward our own suggestions from two aspects of company and policy. We suggest that listed companies take an active part in the cooperation between banks and enterprises, especially in establishing a good relationship with local financial enterprises. In terms of policy, we suggest that the regulators should cultivate private finance from the underground to the sunshine, and vigorously develop the bond financing market.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

【引證文獻】

相關碩士學位論文 前1條

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本文編號：1863855