The Listed Company's Shareholding Bank, The Nature Of The Actual Controller And Financing Constraints

As a special way to achieve diversification of enterprise, financial-industrial integration was favored by many domestic and foreign enterprises in recent years. When laws forbid commercial banks holding shares of enterprises in China, the number of the listed companies that hold bank shares was showing a rapid growth trend and changed the ownership structure of listed companies and banks. As the policies related to holding shares of financial institutions were implemented more flexibly in China, the behavior that listed companies hold bank shares would be into a more active stage. Therefore, the paper to study the behavior of listed companies holding bank shares had a very far-reaching significance under the background that government encourage listed companies to hold bank shares and other financial institutions. Research at home and abroad is involved both holding bank shares and financing constraints. Scholars have inspected the causes, risks, effect of holding bank shares, and the causes, effect, measurement of financing constrains by theory and models. Accounting to the combination of these two themes, researches are focus on whether holding bank shares can ease the financing constraints for listed companies. Previous study found that holding bank shares could ease the financing constraints, but they did not make a further research on the impact of the proportion of holding bank shares and the actual controller on enterprise financing constraints. According to this, this paper tries to confirm the existence of financing constraints and does deeper research on the relationship between holding bank shares and financing constraints for listed companies considering the factors of the proportion of holding bank shares and the actual controller, so as to provide a certain reference value for those listed companies who tries to ease the financing constraints by holding bank shares.This paper selects Shanghai and Shenzhen A-share non-financial listed companies from 2007 to 2014 as samples. Firstly, this paper study the impact of holding bank shares on the financing constraints for listed companies. It establish data models with the financial data of the year before, at and a year after these companies holding bank shares and the financial data of those companies holding bank shares and other companies who don't hold bank shares, in order to measure if holding bank shares can help to ease financing constraints for listed companies. Following this, this paper classifies the samples of holding bank shares into two categories according to whether the proportion of holding bank shares reach 2%, then it builds panel date models with these two samples in order to measure the effects of the proportion of holding bank shares on the financing constraints. In addition, this paper does deeper research on the impack of holding bank shares to financing constraints for state-owned and private listed companies through regression of panel data, in order to study whether the property nature of listed companies who hold bank shares can effect the degree of financing constraints.Combining the theoretical and empirical research, the unique conclusions of this study are as follows:(1) For listed companies, holding bank shares can help to ease the financing constraints. After the listed companies hold bank shares, their financing constraints become smaller. At the same time, compared with those listed companies who don't hold bank shares, financing constraints of the listed companies who hold bank shares is smaller. (2) The listed companies that hold a large proportion of bank shares have a smaller financing constraints than those hold small. (3) Compared to the state-owned listed companies, holding bank shares can play a greater role in easing the financing constraints for private listed companies.