發(fā)布時(shí)間：2018-05-09 01:01

  本文選題：關(guān)系型融資 + 參股銀行　； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：持有商業(yè)銀行股權(quán)是A股市場(chǎng)近年來(lái)的熱門現(xiàn)象。通常上市公司參股銀行會(huì)出于三個(gè)目的：多元化投資、股份分紅、資本增值。本文試圖從關(guān)系型融資這一深層次原因出發(fā),通過(guò)研究公司短期資本結(jié)構(gòu)調(diào)整,探尋銀行股權(quán)給公司帶來(lái)的超額價(jià)值。 文章首先介紹了關(guān)系型融資、資本結(jié)構(gòu)調(diào)整、公司估值的理論研究情況,進(jìn)而在存在關(guān)系型融資的情況下,對(duì)A股市場(chǎng)上市公司持股銀行對(duì)其短期資本結(jié)構(gòu)調(diào)整的影響進(jìn)行檢驗(yàn)。我們發(fā)現(xiàn)中小市值公司的短期資本結(jié)構(gòu)調(diào)整更容易受持股銀行的影響。相比持股銀行的大市值公司,這些持股銀行的中小市值公司短期資本結(jié)構(gòu)調(diào)整更加趨于平穩(wěn)。此外,我們發(fā)現(xiàn)A股市場(chǎng)上市公司短期資本結(jié)構(gòu)調(diào)整,在經(jīng)營(yíng)層面,主要受公司質(zhì)押能力的影響,與公司盈利能力、歷史、成長(zhǎng)性關(guān)系不大。隨后,在我們的分行業(yè)檢驗(yàn)中,我們發(fā)現(xiàn)制造業(yè)上市公司持股銀行對(duì)其短期資本結(jié)構(gòu)調(diào)整的影響是顯著的,這與制造業(yè)的行業(yè)特征有關(guān)。而一些壟斷型行業(yè)、輕資產(chǎn)行業(yè)上市公司持有銀行股權(quán)對(duì)其短期資本結(jié)構(gòu)調(diào)整影響不大。 接下來(lái),我們檢驗(yàn)了上市公司持股銀行對(duì)公司超額價(jià)值的影響情況。我們發(fā)現(xiàn),A股市場(chǎng)上市公司由于持有商業(yè)銀行股權(quán),使短期資本結(jié)構(gòu)調(diào)整趨于平穩(wěn),這會(huì)使公司的超額價(jià)值增加。而這一價(jià)值增加正是基于關(guān)系型融資帶來(lái)的未來(lái)可獲得現(xiàn)金流增加進(jìn)行傳導(dǎo)的。同時(shí),我們發(fā)現(xiàn),對(duì)于中小市值公司來(lái)說(shuō),由于關(guān)系型融資對(duì)其未來(lái)可獲得現(xiàn)金流的邊際改善相比大市值公司要大,中小市值上市公司持有的銀行股權(quán)對(duì)其超額價(jià)值的增加也較大。 最后,我們從公司和政策兩個(gè)方面提出了自己的建議。我們建議上市公司積極參與銀企間的合作,尤其是與本地的金融企業(yè)建立良好的合作關(guān)系；政策方面我們建議監(jiān)管層培育民間金融從地下走向陽(yáng)光,并大力發(fā)展債券融資市場(chǎng)。
[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.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 胡t，

本文編號(hào)：1863855