頁籤選單縮合
題 名 | 持股金融機構、融資約束與企業現金儲備=Shareholdings in Financial Institutions, Financing Constraints, and Cash Reserves |
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作 者 | 朱松; 陳關亭; 杜雯翠; | 書刊名 | 中國會計與財務研究 |
卷 期 | 16:3 2014.09[民103.09] |
頁 次 | 頁1-66 |
分類號 | 553.977 |
關鍵詞 | 持股金融機構; 融資約束; 現金儲備; Bank-firm relationship; Financing constraints; Cash reserves; |
語 文 | 中文(Chinese);英文(English) |
中文摘要 | 擁有大量資源的金融機構是企業獲取外部資金的重要途徑之一,與金融機構建立長期穩定的關係通過關聯貸款、信號傳遞等直接與間接途徑緩解融資約束,降低企業現金儲備。因此,很多企業逐漸開始持有金融機構的股權。本文採用配對樣本的方法,對 2007 年到 2011 年 615 家持有非上市金融機構股權的 A 股上市公司進行的研究發現:持股金融機構的確能夠為企業帶來好處,可以通過緩解企業的融資約束,從而在一定程度上間接降低對於現金儲備的需求,但持股金融機構也直接降低了企業的現金儲備需求。而且,持股金融機構更加有利於融資約束較高的企業降低現金儲備。而以上影響主要是持股非銀行類金融機構產生的,持股銀行並沒有顯著影響企業融資約束和現金持有水準。另外,持股金融機構對企業融資約束以及現金儲備的影響對非國有企業更加明顯。 |
英文摘要 | A closer bank-firm relationship is beneficial to corporate development since firms are able to mitigate their financing constraints through direct or indirect means, such as related-party loans or signalling. This results in more firms tending to invest in financial institutions. This paper matches 615 firms investing in nonlisted financial institutions over the period 2007 to 2011 with 615 firms of the closest asset size in the same industry and year but without such investment. We find that investing in financial institutions can be beneficial for firms. It can lower the financing constraints and demand for cash reserves, not only directly (due to the close relationship between holding firms and financial institutions), but also indirectly (due to the influence on financing constraints, which require a higher level of cash holdings). Higher financing constraints will stimulate firms to hold more cash, while investing in financial institutions can enable such firms to reduce their reserves. When we divide the shareholdings further into nonlisted banks and nonlisted, nonbanking institutions, we find that the former does not significantly affect financing constraints and cash holdings, but the latter effectively alleviates firms’ financing constraints and reduces the level of cash. Furthermore, we find that the influence of investing in financial institutions is more evident for NSOEs than SOEs in China. |
本系統中英文摘要資訊取自各篇刊載內容。