中国上市公司的股权属性与债务融资结构的实证研究

An Empirical Study on the Relationship between the Ownership and Debt-financing Structure of China's Listed Companies

以2007年完成股权分置改革的中国沪深A股上市公司为研究样本,对股权属性对于公司债务融资结构的影响进行考察和实证分析,可以发现:中国上市公司债务融资行为与其股权的国有属性相关,与国有股比例无显著相关性,股权具有国有属性的上市公司更容易获得长期贷款;相比而言,国有上市公司绩效较差,债权银行重视其资产抵押价值,而对不具有国有股权属性的上市公司,资产规模和获利能力都受重视,信贷偏袒确实存在;大股东持股比例与流动负债率呈倒U型关系,与利用商业信用融资呈U型关系,具有国有属性的上市公司商业信用融资比例低。

Through an analysis of the sample of Shanghai and Shenzhen A shares in 2007, we conducted an empirical study on how the ownership structure influences the debt financing structure of China＇s listed compa- nies. We have found ： 1 ） the companies with state ownership are much easier to obtain long-term funding sup- port from the bank, which is significantly related to their state-owned status rather than to the ratio of their state-owned shares ;2） when deciding to give funding support, the creditor bank pays attention to the value of the mortgage assets of the companies with state ownership though they may have low performances, and to the profitability and size of the companies of other types ; 3 ） the relationship between the shareholding ratio of major stock holders and current liabilities ratio presents itself as an inverted ＂U＂ curve, and the relationship between the shareholding ratio of major stock holders and the using of business credit financing as a ＂U＂ curve.