基于關(guān)系型融資的企業(yè)持股銀行價值分析.pdf

1、左一錕10210690172基于關(guān)系型融資的企業(yè)持股銀行價值分析目錄_類2Abstract3第一章導(dǎo)論51.1研宄背景51.2研宄意義61.3研宄思路與創(chuàng)新8第二章文獻(xiàn)綜述102.1關(guān)系型融資102.2資本結(jié)構(gòu)調(diào)整理論142.3公司價值理論15第三章持有銀行股權(quán)對公司短期資本結(jié)構(gòu)調(diào)整影響的實證研究183.1假設(shè)提出183.2數(shù)據(jù)、變量與模型203.2.1研宄樣本數(shù)據(jù)203.2.2變量構(gòu)造213.2.3模型構(gòu)

2、建233.3實證檢驗243.3.1樣本的基本特征243.3.2參股銀行對資本結(jié)構(gòu)影響的檢驗243.3.3不同行業(yè)持有銀行股權(quán)對短期負(fù)債比例的影響323.4總結(jié)34第四章短期資本結(jié)構(gòu)調(diào)整對公司價值影響的實證研究354.1假設(shè)提出354.2數(shù)據(jù)、變量與模型364.2.1樣本數(shù)據(jù)364.2.2變量與模型構(gòu)建364.3實證檢驗374.3.1樣本的基本特征374.3.1參股銀行對公司超額價值影響的實證檢驗（深圳市場）3

3、84.3.2參股銀行對公司超額價值影響的實證檢驗（全市場）404.442第五章結(jié)論與建議435.1結(jié)論435.2建議445.3研究展望4446Silf48左一錕10210690172基于關(guān)系型融資的企業(yè)持股銀行價值分析AbstractTobetheshareholdersofthecommercialbanksisapopularphenomenonoftheAsharemarketinrecentyears.Itisg

4、enerallybelievedthatthelistedcompaniestobetheshareholdersofthecommercialbanksfthreepurposes:diversifiedinvestmentsstockdividendscapitalappreciation.Thisarticleattemptstodeparturefromthedeeperreasonsofrelationalfinancingt

5、overifytheexcessvalueofbanksharestotheselistedcompaniesthroughthewayofadjustingtheshttermcapitalstructure.Thearticlefirstlyintroducesthetheysituationofrelationalfinancingcapitalrestructuringcompanyvaluation.Andthenverify

6、thattheAsharemarketlistedcompaniesholdingcommercialbankshareshaveaccesstotheirshttermcapitalstructureadjustment.Wefoundthatsmallmediumcapitalizationcompaniesaremevulnerabletotheimpactofholdingcommercialbanksharestotheimp

7、actoftheirshttermcapitaladjustment.Comparinglargecapcompaniesholdingcommercialbanksharessmallmediumcapitalizationcompaniestendstobegentletoadjusttheirshttermcapitalstructure.OntheotherhwefoundthattheAsharemarketlistedcom

8、paniesinshttermcapitalstructureadjustmentaremainlyimpactedbytheabilityofthecompanypledgedattheoperationallevelbutwithlittlerelationshipwiththeprofitabilityofthecompanyhistygrowth.Inadditionintheinspectionofoursubsectwefo

9、undthatthelistedmanufacturingcompanies’adjustmentoftheirshttermcapitalstructurearesignificantlyimpactedbyweatherholdingcommercialbanksharesthisistheacteristicofthemanufacturingindustry.Howevertothemonopolyindustryassetli

10、ghtindustrythiseffectismuchlighter.Nextweexaminetheimpactoftheshttermrecapitalizationoftherelationalfinancingtothecompanysexcessvalue.WefoundthatintheAsharemarketholdingcommercialbankshareswilladdcompanysexcessvalue.This

11、valueincreaseisthroughtheincreasingofavailablecashflowtotherelationalfinancing.Atthesametimewefoundthatfsmallmediumcapitalizationcompaniestheincreasingoftheexcessvalueisbiggerthanthelargecapitalizationcompanies.Finally，w

12、egiveouradvicefromtwoaspectsofthecompanypolicy.WerecommendthatlistedcompaniesactivelyinvolvedinthebankenterprisecooperationInparticulartoestablishingagoodwkingrelationshipwithlocalfinancialenterprises.Onthepolicysidewere