银行贷款、债务期限与上市公司内部控制

Banks Loan,Debt Maturity and Internal Control of the Listed Companies

利用上市公司2007年和2008年的相关数据,实证研究了银行贷款、债务期限与上市公司内部控制的关系,结果发现,银行能在一定程度上识别上市公司的内部控制质量,表现为内控质量较高的公司能获得更多的长期贷款、更长的贷款期限,但银行仅能识别国有上市公司的内部控制质量,却无法识别民营上市公司的内部控制质量。内部控制是反映企业风险的重要指标,研究表明,在我国资本市场,信贷资金盲目流入高风险企业的情况并不严重。同时意味着,在利用信贷资金扶持中小企业、非国有企业的过程中,应当关注此类企业的风险,避免信贷资金过度流入高风险的非国有上市公司。

Based on the related data of listed company in 2007 and 2008,the empirical study finds that： to some extent,bank can identify the quality of the internal control of listed company,it has reflected in that,for the company with high level quality of the internal control,the ratio of long-term loans and the term of the loan are significantly raised,but bank can only identify the sate-owned listed companies＇ quality of the internal control,not the private ones.Because the internal control is the important index to reflect enterprises′ risk,this thesis illustrates that the condition which credit funds flood into the enterprise of high risk is not serious in Chinese capital market.This thesis also implies that we should pay close attention to this kind of enterprise risk and avoid credit funds flood into the private listed company.