当代金融研究Issue(5)：32-46,15.
产融结合与信用风险关系研究——基于KMV模型的实证
The Relationship between Credit Risks and the Intergration of Industry and Finance
摘要
Abstract
"From industry to finance" is easy, "From finance to industry" is difficult. The combination strategy of industry and finance can be described as a "double-edged sword.". Under the new normal economy with frequent debt defaults, can this help entities to release credit risk? Selecting the data of listed companies which invested in non-listed financial institutions from 2008 to 2015. By using the the KMV model to analyze the integration of industry and finance's effect on credit risks. The results show that, firstly, the combination of industry and finance could significantly reduce the credit risks, and there is a certain positive "U" relationship between them; secondly, the types of invested financial enterprises are different, in which, the investment banks and securities companies got the most effective influence in reducing the credit risks among all the integrations of industry and finance.Thirdly, with the increase of the equity ratio of the invested financial enterprises, the credit risks of the enterprises decrease obviously, however, the credit risks of the enterprises will increase when it close to the absolute holding. Finally, the state-owned property of enterprises has a negative effect on the relationship between integration of industry and finance and credit risks.Therefore, the qualified entity enterprises, especially the non-state-owned enterprises, should actively invest in financial institutions with appropriate amount as well as those are highly compatible with their own industries.关键词
产融结合/KMV模型/信用风险/金融投资Key words
Intergration of Industry and Finance/KMV Model/Credit Risk/Financial Investment分类
管理科学引用本文复制引用
杨竹清..产融结合与信用风险关系研究——基于KMV模型的实证[J].当代金融研究,2018,(5):32-46,15.基金项目
江苏省教育厅高校哲社项目(2017SJB1094) （2017SJB1094）
广东省哲学社科项目(GD14XYJ15)支持 （GD14XYJ15）
