企业长期投资与商业银行信贷安全——以发电业为例进行分析

Long-Term Investment of Enterprises and Credit Safety of Commercial Banks——A Case Study of Power Generating Industry

由于我国商业银行对企业的长期信贷在宏观上缺乏风险分担和直接控制的制度安排,担任企业长期投资的主要融资渠道是我国商业银行信贷安全重要的不利影响因素。发电业是同时高度运用银行长、短期信贷的典型行业,本文通过对2000～2004年29家发电业上市公司年报数据的分析,证实了在发电业的投资、融资和生产活动中,日常运营中设备开工率和销售利润率的变化对总负债水平和短期负债水平均无显著影响,而高度依赖银行贷款的新增固定资产项目建设对总体负债水平和短期负债水平的提高均有显著正影响。这表明由于缺乏其他项目融资渠道,发电业长期投资的风险过度集中地转移到商业银行体系。

Systemically, our commercial banks do not have risk-sharing arrangements and direct control over long-term credit on macro-level. As the main channel for enterprises to seek fund to make long-term investment, commercial banks are adversely affected by credit insecurity. Power generating industry, as a typical example, borrows heavily long-term and short-term loans. Based on a data analysis of the annual reports from 29 listed power generating firms during the period of 2000-2004, it is proved that power generating industry is insignificantly affected in their investment, financing and production activities by the changes of day-to--day facilities-utilization rates and sales profit margin as reflected in their general balance sheet and short-term debt burden, whereas new fixed assets projects which depend much upon banks＇ loans can not help improve their balance sheet or reduce their short-term debt burden.. This findings show that lack of alternative project financing channels results in excessive risk transfer of long-term investment from power generating industry to commercial banks.