综合化经营下银企关系、信息传递与银行系基金持股

发布时间：2018-01-04 06:20

本文关键词：综合化经营下银企关系、信息传递与银行系基金持股　出处：《南开管理评论》2017年02期 　论文类型：期刊论文

【摘要】：随着中国商业银行综合化经营的深化,对商业银行各业务机构间协作的具体途径和机理进行考察变得十分必要。本文以2008-2013年度沪深A股上市公司为研究对象,运用分组回归分析方法,从信息传递视角系统分析综合化经营下银企关系对银行系基金持股决策的影响,考察不同政府干预水平和银行组织模式对银企关系和银行系基金持股关系的调节效应。研究发现:第一,良好的银企关系会显著提升银行系基金对该公司的持股比例,这意味着商业银行积累的企业私有信息不仅会影响其自身信贷决策,而且会通过特定渠道传递给银行系基金机构并影响其持股决策。第二,政府干预强度会弱化银企关系对银行系基金持股的影响,而组织模式的一体化水平会强化银企关系对银行系基金持股的影响。第三,银行系基金通过持股银企关系良好公司的股份获得了超额收益,进一步印证了信息优势的存在和价值。研究结果验证了金融综合化经营的信息共享和协作效应,也为优化金融综合化发展中的制度环境及组织模式等提供了理论支撑。
[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.

【作者单位】：南开大学中国公司治理研究院;南开大学商学院;
【基金】：国家自然科学基金面上项目(71572081);国家自然科学基金重点项目(71533002)等资助
【分类号】：F832.33;F832.51;F272.92
【正文快照】： 引言在利率市场化改革不断深化、企业融资“脱媒”加速和互联网金融兴起的背景下,综合化经营成为中国商业银行改革创新和健康发展的重大战略选择。金融综合化经营有助于发挥金融控股集团内各业务和机构之间在信息、渠道、管理、财务等方面的协同效应,同时共享关键资源和客户信

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