摘要
产融结合是产业资本与金融资本发展到一定阶段的必然结果,在为企业带来协同效应的同时,也容易引发利益冲突、财务断链、风险传染等一系列风险。本文以非金融上市公司参股金融机构为视角,采用因子分析和Logistic回归,构建我国企业产融结合风险预警模型,并对该模型进行实证检验。研究结果表明,产业扩张速度、财务费用占比与产融结合后陷入财务困境正相关;企业偿债能力越强、盈利水平越高、营运能力越强,产融结合后陷入财务困境的概率越低。
Integration of financial and industrial has occurred when industrial capital and financial captial develop to a certain stage.Except bringing synergy effect for the enterprise,integration of financial and industrial also leads to interest conflict,financial chain broke,and risk infection at the same time.A financial-industrial integration risk management model is built by factor analysis and logistic regression base on non-financial listed companies share financial institutions perspective,and a empirical test of this model is conducted.The results show that industrial expansion rate and financial cost proportion has positive correlation with the risk of financial-industrial integration.Corporate insolvency,profitability and operational capacity has negative correlation with the risk of financial-industrial integration.
出处
《中国管理科学》
CSSCI
北大核心
2012年第S1期346-350,共5页
Chinese Journal of Management Science
基金
国家自然科学基金资助项目(70821061)
关键词
产融结合
LOGISTIC
因子分析
风险预警
financial-industrial integration
Logistic
factor analysis
risk manaagement
