基于关系型融资的企业持股银行价值分析-财务管理专业论文.docxVIP

左 一 左 一 锟 10 2 10 6 9 0 17 2 基 于 关 系 型 融 资 的 企 业 持 股 银 行 价 值 分 析 A b s tr a c t T o b e th e shareho lders o f th e com m ercialb ank s is a p op ular phenom enon o f the A -share m arket in recent years.It is gen erally b elieved th at the listed com p anies to be th e sh areh o ld ers of th e co m m ercial b an k s for three p u rp o ses:div ersified in v estm ents, sto ck div id en d s an d cap ital ap p reciation .T h is article attem p ts to dep artu re from th e d eep er reason s o f relatio n al fin an cin g to v erify th e ex cess v alue o f b ank sh ares to th ese listed com p an ies th rou gh th e w ay of adju stin g th e sh ort-term cap ital stru ctu re. T he article firstly introdu ces th e th eory situ ation of relational fin an cin g,cap ital restru ctu rin g an d com pan y valu ation .A n d th en v erify th at th e A -sh are m ark et listed com p an ies h old in g com m ercial bank sh ares h av e access to their sh ort-term cap ital structure adju stm ent.W e foun d th at sm all and m ed ium cap italization com p anies are m ore vu lnerab le to th e im p act of h oldin g com m ercial bank shares to the im p act o f th eir sh ort-term cap ital adju stm en t.C om p arin g larg e cap com p an ies h oldin g co m m ercial b ank sh ares, sm all an d m ed ium cap italization com p an ies ten d s to b e gentle to adju st th eir short-term cap ital stru cture.O n the oth er han d,w e foun d th at th e A -share m arket listed com p an ies in sh ort-term cap ital stru cture adju stm ent are m ain ly im p acted b y the ability o f th e com p an y p ledged at the op erational lev el,but w ith little relation sh ip w ith the pro fitab ility o f th e co m p an y,h istory, grow th .In ad d itio n , in th e in sp ection o f o u r sub -sector,w e fou n d th at th e listed m an u facturing com p an ies’ adju stm ent of th eir sh ort-term cap ital stru cture are significan tly im p acted b y w eath er h oldin g