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本文以07年到11年间,我国的A股615组配对公司为例,通过实证研究发现,持股的金融机构可以为企业带来更多的债管资金,其中包括长短期的债务资金,有效的改变企业的负债结构。另外,国有与民营公司相比,持股金融机构对民营企业的债务结构与融资水平的改变较大。我们将金融机构区分类型后发现,持股金融机构对企业的负债融资与债务结构的影响其主要是来自于持股的银行类金融机构。
In this paper, from 2007 to 11 years, China’s A-share 615 pairs of matching companies, for example, through empirical research found that financial institutions holding shares can bring more debt for the enterprise funds, including long-term debt funds, effective Change the structure of corporate debt. In addition, state-owned and private-owned companies, holding financial institutions on the private sector debt structure and financing changes in the larger. When we classify financial institutions, we find that the influence of holding financial institutions on corporate debt financing and debt structure mainly comes from the holding of bank financial institutions.