本文關鍵詞：綜合化經(jīng)營下銀企關系、信息傳遞與銀行系基金持股　出處：《南開管理評論》2017年02期 　論文類型：期刊論文

  更多相關文章： 銀企關系 信息傳遞 基金持股

【摘要】：隨著中國商業(yè)銀行綜合化經(jīng)營的深化,對商業(yè)銀行各業(yè)務機構間協(xié)作的具體途徑和機理進行考察變得十分必要。本文以2008-2013年度滬深A股上市公司為研究對象,運用分組回歸分析方法,從信息傳遞視角系統(tǒng)分析綜合化經(jīng)營下銀企關系對銀行系基金持股決策的影響,考察不同政府干預水平和銀行組織模式對銀企關系和銀行系基金持股關系的調(diào)節(jié)效應。研究發(fā)現(xiàn):第一,良好的銀企關系會顯著提升銀行系基金對該公司的持股比例,這意味著商業(yè)銀行積累的企業(yè)私有信息不僅會影響其自身信貸決策,而且會通過特定渠道傳遞給銀行系基金機構并影響其持股決策。第二,政府干預強度會弱化銀企關系對銀行系基金持股的影響,而組織模式的一體化水平會強化銀企關系對銀行系基金持股的影響。第三,銀行系基金通過持股銀企關系良好公司的股份獲得了超額收益,進一步印證了信息優(yōu)勢的存在和價值。研究結果驗證了金融綜合化經(jīng)營的信息共享和協(xié)作效應,也為優(yōu)化金融綜合化發(fā)展中的制度環(huán)境及組織模式等提供了理論支撐。
[Abstract]:With the deepening of comprehensive management of commercial banks China, specific ways and mechanism of the business of commercial banks for inter agency collaboration becomes necessary. Based on the investigation of 2008-2013 year in Shanghai and Shenzhen A shares of listed companies as the research object, using the grouping regression analysis method, from the perspective of information transfer system analysis of influence of bank enterprise relation integrated management of banks Department of the fund investment decision, the effects of different levels of government intervention and bank organization model for the relationship between banks and banking fund holdings moderating effect. The study found: first, good relationship between banks and enterprises will significantly improve the banking system to fund the company's stake, which means that the private information of commercial banks will not only affect the accumulation of the credit decision, but also through specific channels transferred to the Department of banking fund mechanism and affect the investment decision. Second, government intervention will be strong To weaken the influence of bank enterprise relation on the banks of the fund holdings, and level of integration organization will strengthen the relationship of banking fund holdings. In third, the Department of banking fund obtain excess returns by holding shares in the company of good relationship between banks and enterprises, and further confirms the existence and value of information superiority. Research results show that the integrated financial business information sharing and collaboration effect, but also provides theoretical support for the optimization of financial integration in the development of institutional environment and organizational pattern.

【作者單位】： 南開大學中國公司治理研究院;南開大學商學院;
【基金】：國家自然科學基金面上項目(71572081);國家自然科學基金重點項目(71533002)等資助
【分類號】：F832.33;F832.51;F272.92
【正文快照】： 引言在利率市場化改革不斷深化、企業(yè)融資“脫媒”加速和互聯(lián)網(wǎng)金融興起的背景下,綜合化經(jīng)營成為中國商業(yè)銀行改革創(chuàng)新和健康發(fā)展的重大戰(zhàn)略選擇。金融綜合化經(jīng)營有助于發(fā)揮金融控股集團內(nèi)各業(yè)務和機構之間在信息、渠道、管理、財務等方面的協(xié)同效應,同時共享關鍵資源和客戶信

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