企业定向增发、多元化经营与银行理财产品投资——基于倾向得分匹配法的研究

发布时间：2018-01-11 01:10

本文关键词：企业定向增发、多元化经营与银行理财产品投资——基于倾向得分匹配法的研究　出处：《产业经济评论》2017年01期 　论文类型：期刊论文

【摘要】：新经济形势下,企业囤积现金成为一种普遍现象,而投资银行理财产品是企业持有现金的重要选择。本文利用2012至2015年我国上市公司数据,着重考察了企业定向增发的效应及其与多元化经营策略、投资银行理财产品的行为之间的关系,结果发现:(1)定向增发显著提高了企业银行理财产品投资水平且对企业绩效有较大改善,尤其当定增对象是机构投资者时效果更为明显,且定增募集资金额与银行理财产品投资显著正相关;(2)定向增发是提高企业多元化程度的重要影响因素,但企业多元化经营对银行理财产品投资水平具有显著的负向作用,最终定向增发显著提高企业投资银行理财产品的水平;(3)是否为国有企业显著正向影响银行理财产品投资累计金额,而对平均单个产品投资金额无显著作用,且企业的国有属性强化了定向增发对投资银行理财产品的正向效应。
[Abstract]:Under the new economic situation, enterprises hoarding cash become a common phenomenon, but the investment bank financial products is an important choice of corporate cash holdings. This paper uses data from 2012 to 2015 listed companies in China, focuses on the effect of corporate private placement and diversification strategy, the relationship between the investment bank financial products, the behavior of the results found: (1) private placement significantly increased the level of investment enterprises and bank financial products have greatly improved the performance of enterprises, especially when the target is set by institutional investors when the effect is more obvious, and to raise additional capital is positively related with financial products investment; (2) private placement is an important factor to improve the enterprise diversification the degree of diversification of investment, but the level of financial products has significant negative effects, and ultimately enhance the enterprise private placement investment bank physical property (3) whether state-owned enterprises have a significant positive impact on the cumulative amount of investment in financial products, but have no significant effect on the average individual product investment amount, and the state-owned attributes of enterprises strengthen the positive effect of private placement on investment banking financial products.

【作者单位】：江苏科技大学经济管理学院;
【基金】：文章获江苏科技大学青年基金支持(1042931602)
【分类号】：F832.51;F275
【正文快照】： 一、引言2012年下半年,上市公司被允许在满足“安全性高、保本和流动性”要求下,可以将闲置资金投资购买银行理财产品。同时,受近年整体经济形势下行压力影响,企业投资更为谨慎,囤积现金成为更多企业的选择。因此,银行理财产品越发成为受上市公司青睐的投资标的,其投资收益也

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