银根紧缩、信贷歧视与民营上市公司投资者利益损失

Monetary Contractions,Bank Discrimination and the Wealth Loss of Non-state Listed Firms' Investors

本文以中国A股上市公司为研究对象,分析"信贷歧视"对民营上市公司的影响。论文的研究结果表明,在银根紧缩的情况下,民营上市公司的负债增长率明显放缓,长期借款增长率的下降尤为明显,而同期国有上市公司的长期借款依然保持较快增长。这说明,一旦银根紧缩,民营上市公司将会遭受"信贷歧视"。论文的结果还表明,"信贷歧视"显著降低了民营上市公司的股票回报,损害了民营上市公司投资者的利益。

The paper investigates bank discrimination against listed companies controlled by non - state shareholders. The results demonstrate that, during monetary contractions periods, non - state listed companies will suffer financing problems, and the growth of leverage ratio slows down, especially the ratio of long - term debt 4 to asset. While state - owned listed companies＇ long - term debt to asset ratio still grows fast. The authors also find that bank discrimination will reduce the stock returns of non - state listed companies, and non - state listed companies＇ shareholders suffer loss of wealth.