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

摘要： 面对错综复杂的外部环境和经济持续下行的压力，我国企业经营风险逐渐增大，越来越多的非金融企业选择入股银行、证券等金融机构。运用2010~2018年我国A股上市企业的数据发现，当企业经营风险增大时会更倾向于入股金融机构，而入股金融机构则会降低未来企业的经营风险。在个体融资约束较大、地区金融市场发展程度较落后的企业中，经营风险对入股金融机构的影响更为显著。说明当企业入股金融机构后，整体融资约束程度得到了改善，企业的经营活动更少受到自身的融资成本高企和地区金融市场发展不完善的影响，其经营风险也得到了下降。

关键词: 经营风险, 入股金融机构