The Effect Of Listed Companies'holding Bank Shares On Performance Of Enterprise

Since 2005,the government issued a series of policy documents to actively promote enterprises participating banks as the main form of the combination of behavior,in order to achieve the industrial and bank capital integration,and promote the development of enterprises.In support of a series of policies,through participation in bank restructuring,equity investment to hold bank shares,some enterprises achieved improved profit optimization and management model,for example Haier,CITIC,LuNeng and other large enterprises benefit from holding bank shares.However,we cannot ignore negative effects brought from the combination of industry and finance,which related to the corruption of Delong and some other enterprises.In this case,through the analysis of whether the listed enterprises participating banks can improve business performance,as well as whether it has difference between the effect of listed enterprises with different properties' holding bank shares to performance of enterprise,this analysis enhance the market competitiveness of listed companies,this research has important practical significance and policy significance.In view of the above problems,based on previous studies,this paper combined with information asymmetry theory and transaction cost theory,then empirical analysis is used.First of all,the relationship between holding bank shares and performance of enterprise is taken as main subject of this study.Secondly,we gradually add property rights to the analysis,and further analyze the difference between effects of listed companies' holding bank shares on Performance of Enterprise from different property rights.Thirdly,this paper chooses the listed companies of A stock from 2009 to 2015 as sample,excluding the listed companies in the financial industry and the missing samples out of 1751 valid samples.This paper uses the multiple linear regression model to analyze the effect of performance of enterprise of listed companies' holding bank shares on Performance of Enterprise and then makes an empirical test on the moderate effect of performance of enterprise strength on listed companies with different property rights and scale.Finally,according to the research results,we draw conclusions and put forward rationalization proposals for the government and enterprises.Through empirical analysis,the conclusions of this paper include the following aspects:(1)Holding bank shares can promote the company's performance of enterprise.The proportion of holding bank shares of listed companies higher,the effects on promotion of performance of enterprise is more obvious.(2)The influence on promotion of performance of enterprise by holding bank shares is more significant for non-state-owned companies than state-owned companies.(3)The performance level between enterprises is different,and it can be affected by the concentration of ownership and the structure of capital.At the end of this thesis,suggestions are put forward on the above conclusions:(1)Through equity bank restructuring and equity investment bank shares,Listed companies can make the enterprise of industrial capital and financial capital integration,then promote the cooperation between the two sides.(2)Non listed state-owned enterprises should strive to enhance their own strength,to seize the bank shares opportunities,so as to achieve diversified development.(3)The government should realize the need to take appropriate measures to prevent the occurrence of illegal enterprises participating banks to loan,during the promotion of industrial capital and financial capital integration.(4)In the implementation of the policy of combining finance with industry,the government should take appropriate measures to give more play to the role of non-state-owned enterprises.