中国工业上市公司产融结合的动因及效率分析--基于参股上市金融机构的视角

摘要

Aiming at the industrial listed companies with a stake in financial listed companies,this paper analyses the changes of the comprehensive production and investment efficiency,and examines effects of financial institutionstype,eq-uity ratio on efficiency.The study finds that the main benefits of financial-industrial integration is the improvement of com-prehensive efficiency brought by the deep interaction of industrial capital and financial capital,while industry enterprisescomprehensive efficiency and production efficiency are at a higher level when the type is securities.Equity ratio is positive-ly related to efficiency,and efficiency improvement is more obvious when the proportion is more than 5%.%本文以2003～2012年间中国参股上市金融机构的工业上市公司为研究对象，运用序列DEA方法分析了这一产融结合方式的基本动因及效率表现，进而使用Tobit回归模型考察了被参股金融机构的类型、参股比例对产融结合效率的影响。研究发现：融资需求、资产保值、发展转型等是中国工业企业参股金融机构的主要动因，被参股金融机构类型及参股比例对工业企业产融结合效率影响显著。为此，应进一步健全有关法律法规，培育资本市场，适度提高结合程度，加强对产融结合的监管。