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银行作为股东和债权人的特殊双重身份影响企业的融资结构与投资决策的关系。选择1999～2010年中国沪深A股上市公司为观察样本,从理论和实践角度系统地研究银行持股是否优化了公司的投资行为。研究结果发现:在过度投资和投资不足方面,银行持股的公司均要低于非银行持股公司,表明银行持股可以优化公司的投资决策。
The Relationship between the Financing Structure and the Investment Decision of the Enterprises Influenced by the Bank’s Duality as Shareholders and Creditors. The paper chooses the listed companies of China, Shanghai and Shenzhen A-Shares from 1999 to 2010 as the observation samples, and systematically studies whether the bank ownership optimizes the company’s investment behavior from the perspective of theory and practice. The result shows that in both overinvestment and underinvestment, the shareholding of banks is lower than that of non-bank holding companies, indicating that bank ownership can optimize the company’s investment decisions.