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随着市场经济的不断发展,互联网金融、企业融资“脱媒”和利率市场化进程不断推进,金融行业逐步形成了综合化经营的格局,金融控股集团不断扩大。笔者以2009—2013年沪深A股上市公司为样本,实证检验了上市公司中银行贷款与银行系基金持股比例的关系。研究发现,金融控股集团内机构投资者对上市公司的持股比例受银企关系的影响,主要表现在上市公司中银行贷款的期限结构与银行系基金持股呈显著正相关关系,而银行的贷款成本与银行系基金持股呈显著负相关关系,进一步研究发现这种关系具有一定的滞后性。
With the continuous development of market economy, the progress of marketization of Internet finance, corporate finance, interest rate liberalization has been continuously promoted. The financial industry has gradually formed a pattern of integrated operation and the financial holding group has been expanding. The author uses the 2009-2013 Shanghai and Shenzhen A-share listed companies as a sample to test the relationship between the bank loans of listed companies and the percentage of bank-based fund holdings. The study finds that the proportion of institutional investors in listed companies in the financial holding group to the listed companies is affected by the relationship between banks and enterprises, which is mainly reflected in the significant positive correlation between the term structure of bank loans in listed companies and the holding of bank funds, There is a significant negative correlation between loan costs and bank-based fund holdings, and further research finds that this relationship has some lag.