银行的股权多元化改革使得越来越多的企业持有银行股份,形成了企业对银行的股权关联关系。这种关系既可能降低企业的融资约束,也可能增加经理人对自由现金流的滥用,进而对公司资本投资行为产生影响。本文发现,与没有银行股权关联的公司相比,拥有银行股权关联的公司其投资一现金流敏感性更低,说明银行股权关联更可能降低融资约束而非增加自由现金流;进一步地,银行股权关联关系能够缓解由融资约束而产生的投资不足行为,且其作用机理在民营上市公司和制度环境较好的地区更加显著;对后续资本投资的价值效应进行检验发现,银行股权关联提高了资本投资的价值,但同样只在民营上市公司和制度环境较好的地区显著。结果显示,银行股权关联能够缓解投资不足和提高投资价值,但其作用的发挥依赖于产权性质和制度环境。本文结论对当下正在进行的民营资本参与银行业实践的改革具有启示作用。 Bank equity diversification reforms make more and more enterprises hold bank shares, forming a business-bank equity relationship. This relationship may reduce the financing constraints of enterprises, but also may increase managers’ abuse of free cash flow, which in turn will affect the company’s capital investment behavior. This paper finds that companies with bank equity affiliations have a lower cash flow sensitivity than banks without equity affiliations, indicating that bank equity affiliations are more likely to reduce financing constraints rather than increase free cash flow. Further, bank equity The correlation can alleviate the underinvestment caused by the financing constraint, and its mechanism is more significant in private listed companies and the institutional environment. The test of the value effect of the subsequent capital investment shows that the bank equity affiliates improve the capital investment However, the same is true only for private listed companies and regions with better institutional environment. The results show that the bank equity relationship can alleviate the underinvestment and enhance the investment value, but its function depends on the nature of the property and the institutional environment. The conclusion of this article is enlightening on the ongoing reform of private capital in banking practice.