基于关系型融资的企业持股银行价值分析

发布时间：2018-05-09 01:01

本文选题：关系型融资 + 参股银行　；参考：《复旦大学》2012年硕士论文

【摘要】：持有商业银行股权是A股市场近年来的热门现象。通常上市公司参股银行会出于三个目的：多元化投资、股份分红、资本增值。本文试图从关系型融资这一深层次原因出发,通过研究公司短期资本结构调整,探寻银行股权给公司带来的超额价值。文章首先介绍了关系型融资、资本结构调整、公司估值的理论研究情况,进而在存在关系型融资的情况下,对A股市场上市公司持股银行对其短期资本结构调整的影响进行检验。我们发现中小市值公司的短期资本结构调整更容易受持股银行的影响。相比持股银行的大市值公司,这些持股银行的中小市值公司短期资本结构调整更加趋于平稳。此外,我们发现A股市场上市公司短期资本结构调整,在经营层面,主要受公司质押能力的影响,与公司盈利能力、历史、成长性关系不大。随后,在我们的分行业检验中,我们发现制造业上市公司持股银行对其短期资本结构调整的影响是显著的,这与制造业的行业特征有关。而一些垄断型行业、轻资产行业上市公司持有银行股权对其短期资本结构调整影响不大。接下来,我们检验了上市公司持股银行对公司超额价值的影响情况。我们发现,A股市场上市公司由于持有商业银行股权,使短期资本结构调整趋于平稳,这会使公司的超额价值增加。而这一价值增加正是基于关系型融资带来的未来可获得现金流增加进行传导的。同时,我们发现,对于中小市值公司来说,由于关系型融资对其未来可获得现金流的边际改善相比大市值公司要大,中小市值上市公司持有的银行股权对其超额价值的增加也较大。最后,我们从公司和政策两个方面提出了自己的建议。我们建议上市公司积极参与银企间的合作,尤其是与本地的金融企业建立良好的合作关系；政策方面我们建议监管层培育民间金融从地下走向阳光,并大力发展债券融资市场。
[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.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【引证文献】