An Empirical Study On The Motivation Of Listed Companies Holding Banks

Since 2005,when the state promulgated policies to encourage private capital to enter the monopoly industries,such as financial industry,the threshold of shareholding banks has been lowering day by day.From large state-owned enterprises to state-owned commercial banks in the past,it has gradually evolved into private enterprises to share in joint-stock commercial banks and regional commercial banks.The present situation of listed enterprises to share in banks in China are becoming more and more common.Through sorting out the previous research literature,we can find that enterprises may promote the integration of industry and finance and diversification of enterprises to a certain extent,alleviate the financing constraints faced by enterprises,reduce the cost of credit transactions,resist the industry and their own uncertain risks faced by enterprises,and share the bank by establishing close links between banks and enterprises.Industry monopoly profits,that is,there are many motivations for enterprises to participate in banks.At the same time,some studies have shown that there are differences in motivation of state-owned enterprises and private enterprises to participate in banks due to different property rights.For example,private enterprises may be discriminated against in the process of obtaining credit resources compared with state-owned enterprises.They are facing higher pressure of financing constraints than state-owned enterprises,and tend to hold shares in banks to alleviate it.Financing constraints.Based on the data of non-financial listed companies'shareholding commercial banks in China from 2011 to 2017,this paper investigates the intrinsic motivation of enterprises'shareholding in banks from different perspectives,and makes a comparative analysis of the motivation differences between listed state-owned enterprises and listed private enterprises'shareholding banks.Through empirical research,this paper finds that resisting the uncertainty outside the industry is one of the motivations for enterprises to participate in the bank,while the uncertainty faced by enterprises themselves has no obvious impact on the bank.At the same time,for state-owned enterprises and private enterprises,investment profits may be an important factor for enterprises to choose banks to participate in.Enterprises tend to share the high monopoly profits of the banking industry through the way of banks to participate in shares.To a certain extent,this reflects the speculative mentality of the enterprises participating in the banks,and provides some explanations for the low efficiency of the combination of industry and finance in the past.The conclusion of this paper not only helps to understand the intrinsic motivation of enterprises'participation in banks,but also makes a deep analysis of the background,motivation and differences between state-owned enterprises and private enterprises'participation in banks.This paper provides some guidance for relevant departments to standardize the integration of industry and finance and improve the effectiveness of the integration of industry and finance.