吉首大学学报(社会科学版)

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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

王秀丽,张龙天   

  1. (对外经济贸易大学 国际商学院,北京 100029)
  • 出版日期:2017-01-01 发布日期:2017-01-16
  • 作者简介:王秀丽,女,博士,对外经济贸易大学国际商学院教授,博士生导师。

Empirical Studies on Factors Influencing the Exit of Industrial-financial Integration:Based on Non-financial Listed Companies

WANG Xiuli,ZHANG Longtian   

  1. (Business School,University of International Business and Economics,Beijing 100029,China)
  • Online:2017-01-01 Published:2017-01-16

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。

关键词: 产融结合, 风险防范, Logit模型

Abstract: This paper investigates the non-financial company which is carrying on financial-industrial integration during the period of 2007-2014.On the basis of collecting related information of these sample companies,the paper surveys the characteristics the theses companies,conducts researches on factors influencing the exit of industrial-financial Integration.The main conclusion of this paper are presented as follows:high leverage ratio and synergy expense ratio,low earnings per share and the years of integration tend to exit the industrial-financial Integration steatrgy.

Key words: the exit of industrial-financial integration, risk prevention, logit model

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