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利用2012~2015年深沪A股上市公司投资银行理财产品的相关数据,实证探究了投资银行理财产品对企业绩效和价值的影响,并进一步研究这种影响在多元化和企业属性两种重要因素下的差异。研究发现,相对低频率、单笔大额地投资银行理财产品会降低企业绩效和价值,相对高频率、单笔小额地滚动投资银行理财产品会提高企业绩效和价值;多元化程度高的企业投资银行理财产品对绩效和价值造成了分化,国有企业投资银行理财产品会损害企业绩效和价值。
Based on the data of investment banking wealth management products of listed companies in Shenzhen and Shanghai from 2012 to 2015, this paper empirically explores the impact of investment banking wealth management products on the performance and value of enterprises, and further studies the impact of diversification and enterprise attributes on two important factors Under the difference. The study found that relatively low-frequency, single large-scale investment banking products will reduce the performance of enterprises and the value of a relatively high frequency, single small rolling investment banking financial products will improve business performance and value; diversified businesses Investment banking wealth management products have caused the performance and value differentiation, the state-owned investment banking financial products will damage the performance and value of the enterprise.