摘要
以往研究主要集中在银行债权对上市公司操控自由现金流行为的影响,而没有考虑到抵押贷款、再融资以及贷款类型等银行债权特征以及银行存款对自由现金流的影响。本文对银行债权特征对自由现金流约束方面进行了实证分析。研究结果表明,银行在抵押贷款、贷款类型和银行存款方面对上市公司操控自由现金流行为起到一定的监督作用。但是再融资和自由现金流没有明显的相关关系,可能是因为再融资贷款占比较低,自然银行对之影响较弱。
The previous researchers have focused on the effect of the bank debt of the listed companies＇ free cash flow, not on the effect of its characteristics such as collateral, refinancing and loan purposes. Based on the public data, the paper analyzes the effect of those characteristics and deposit of those free cash flows. We find that under collateral and loan purposes and bank deposit, the bank does monitor the free cash flow. However, refinancing does not affect these activities due to the lower proposition of refinancing loan.
出处
《财经论丛》
CSSCI
北大核心
2010年第4期46-52,共7页
Collected Essays on Finance and Economics
