产融结合退出及影响因素分析——基于参股非上市金融公司视角的实证研究

发布时间：2017-12-31 03:17

本文关键词：产融结合退出及影响因素分析——基于参股非上市金融公司视角的实证研究　出处：《吉首大学学报(社会科学版)》2017年01期 　论文类型：期刊论文

【摘要】：以2007—2014年发生的我国A股上市公司参股非上市金融公司事件作为研究样本,对企业退出产融结合的现象进行了探讨,实证结果表明:每股收益越低、资产负债率越高、协同费用率越高、产融结合年限越短,企业越有可能退出产融结合。研究能帮助企业在实施产融结合后更有针对性地关注自身运营状况和财务状况,也为其建立健全风险监督与防范机制提供了一定的政策支持。
[Abstract]:Based on the case of China's A-share listed companies participating in non-listed financial companies from 2007 to 2014, this paper discusses the phenomenon of enterprises withdrawing from the combination of production and finance. The empirical results show that: the lower the earnings per share, the higher the asset-liability ratio, the higher the synergistic cost rate, the shorter the combination of production and finance. The more likely an enterprise is to withdraw from the combination of production and finance, the research can help the enterprise pay more attention to its own operation and financial situation after the implementation of the combination of production and finance. It also provides some policy support for the establishment and improvement of risk supervision and prevention mechanism.
【作者单位】：对外经济贸易大学国际商学院;
【分类号】：F832.51
【正文快照】： 一、产融结合的制度沿革产融结合主要有两种形式,一种是“由融而产”,即以金融资本为起点,金融业通过持股、控股等方式参与或控制产业的经营,这种形式多存在于国外混业经营的模式下。第二种产融结合的形式是“由产而融”,即以产业资本为起点,产业在进行生产经营的同时,对金融

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