关键词: 经营风险, 入股金融机构

Abstract: Facing complicated external environment and the pressure of continuous economic downturn, the operating risk of enterprises in China has increased. An increasing number of non-financial companies choose to hold shares of financial institutions such as banks and securities. The empirical research conducted in this paper using the data of China’s A-share non-financial and non-real-estate listed companies from 2010 to 2018 indicates that when the operating risk increases, enterprises will be more inclined to hold shares in financial institutions. As a result, holding shares of financial institutions will reduce future operating risks. In companies with greater financing constraints or with a relatively backward development in the regional financial market, the operating risk has a more significant impact on share-holding of financial institutions. This shows that when a company becomes a shareholder in a financial institution, the overall financing constraints have been improved. The operating activities of the company are less affected by its own high financing costs and the imperfect development of the regional financial market. Thus, its operating risk will also be reduced.

Key words: operating risk, share-holding of financial institutions