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区域预算非税收收入的财务稳定性管理

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发布于 2018-2-11 15:41:02 | 显示全部楼层 |阅读模式
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外文标题: Thorny roses: The motivations and economic
consequences of holding equity stakes in financial
institutions for China’s listed nonfinancial firms
外文摘要: The reforms of China’s financial system have significantly changed the country’s
financial sector. One noteworthy phenomenon is that many nonfinancial
firms have obtained equity stakes in financial institutions. This study investigates
the motivations behind and economic consequences of this recent proliferation
of investments in financial institutions by nonfinancial listed firms. We
find that the motivations for holding equity stakes in financial institutions
include alleviating the pressure of industry competition, reducing transaction
costs, and diversification to reduce risk. These investments, however, have
double-edged effects on the performance of the investing firms. While their
investment income increases, their operating income and overall return on
assets decrease, as the investment income cannot compensate for the decrease
in other operating income. The investing firms’ cost of debt also increases, their
cash-holding decreases, and stock price performance does not improve after
investing in financial institutions. These effects contrast with the enthusiasm
nonfinancial listed firms have for investing in financial institutions. The
empirical findings in this study can inform financial industry regulators and
decision-makers in listed firms. We advise nonfinancial firms to be cautious
when considering investing in financial institutions.
英关键词: Mixing of banking and commerce Holding equity stakes in financial institutions Motivations Economic consequences
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译文标题: 区域预算非税收收入的财务稳定性管理
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