Thorny roses: The motivations and economic consequences of holding equity stakes in financial institutions for China’s listed nonfinancial firms

Allen, F., Qian, J., Qian, M., 2007. China’s Financial System: Past, Present, and Future. Available at SSRN: <http://ssrn.com/abstract=978485>. Amit, 1988, Diversification strategies, business cycles and economic performance, Strategic Manage. J., 9, 99, 10.1002/smj.4250090202 Barth, 2001, Banking systems around the globe: do regulations and ownership affect performance and stability?, 31 Belyanova, 1995, Evolution of commercial banking in Russia and the implications for corporate governance, 185 China Entrepreneurs Survey System, 2011, Capital markets and the foster of China’s entrepreneurs: present and future, problems and suggestions, Manage. World, 6, 76 Coase, 1937, The nature of the firm, Economica, 4, 386, 10.1111/j.1468-0335.1937.tb00002.x Craig, 2001, Merchant banking: past and present, FDIC Bank. Rev., 14, 29 Diamond, 1984, Financial intermediation and delegated monitoring, Rev. Econ. Stud., 51, 393, 10.2307/2297430 Fan, 2011 Goto, 1982, Business groups in a market economy, Eur. Econ. Rev., 19, 53, 10.1016/0014-2921(82)90005-8 Halpert, 1988, The separation of banking and commerce reconsidered, J. Corporat. Law, 13, 481 Haubrich, 2003, Alternative forms of mixing banking with commerce: evidence from American history, Financ. Markets, Inst., Instrum., 12, 121, 10.1111/1468-0416.00002 Hill, 1987, Strategy and structure in the multiproduct firm, Acad. Manage. Rev., 12, 331, 10.2307/258539 Hilferding, R., 1910. Finance Capital: A Study of the Latest Phase of Capitalist Development. Translated by Morris Watnick, Routledge & Kegan Paul, London, 1981. Hoshi, 1991, Corporate structure, liquidity, and investment: evidence from Japanese Industrial Groups, Quart. J. Econ., 106, 33, 10.2307/2937905 International Finance Research Institute of the Bank of China, 2010, The trends and strategies of China’s industrial capital investing in financial sector, Res. Glob. Econ. Finance, 16, 1 Jensen, 1986, Agency cost of free cash flow, corporate finance and takeovers, Am. Econ. Rev., 76, 323 Krainer, 2000, The separation of banking and commerce, FRBSF Econ. Rev., 15 Laeven, 2001, Insider lending and bank ownership: the case of Russia, J. Comp. Econ., 29, 207, 10.1006/jcec.2001.1708 Lu, 2012, Bank discrimination, holding bank ownership, and economic consequences: evidence from China, J. Bank. Finance, 36, 341, 10.1016/j.jbankfin.2011.07.012 Ma, 2007, Bank-firm relationship as a strategic commitment in a Duopolistic environment, J. Competit. Law Econ., 3, 233, 10.1093/joclec/nhm002 Porter, 1985 Rajan, 2000, The cost of diversity: the diversification discount and inefficient investment, J. Finance, 55, 35, 10.1111/0022-1082.00200 Salley, 1976, Origins of the regulatory separation of banking and commerce, Bank. Law J., 93, 196 Santos, 1997, Banking and commerce: how does the United States compare to other countries?, Fed. Reserve Bank Cleveland Econ. Rev., 34, 14 Shull, 1999, The separation of banking and commerce in the United States: an examination of principal issues, Financ. Markets, Inst., Instrum., 8, 1, 10.1111/1468-0416.00028 Stein, 1997, Internal capital markets and the competition for corporate resources, J. Finance, 52, 111, 10.1111/j.1540-6261.1997.tb03810.x Tobin, 1969, A general equilibrium approach to monetary theory, J. Money, Credit Bank., 1, 15, 10.2307/1991374 Wall, 2008, The final frontier: the integration of banking and commerce. Part 1: The likely outcome of eliminating the barrier, Fed. Reserve Bank Atlanta Econ. Rev., 93, 1 Williamson, 1979, Transaction-cost economics: the governance of contractual relations, J. Law Econ., 22, 233, 10.1086/466942 Williamson, 1985 Yang, 2012, A survey on the reverse changes in returns of banks and that of real economies, China Finance, 20, 34