金融生态环境、银行关联与债务融资——基于我国民营企业的实证研究

Financial Ecological Environment,Banking Connection and Debt Financing:An Empirical Study on Chinese Private Enterprises

本文以我国2004-2008年583个A股民营上市公司样本为研究对象,实证研究了银行关联与债务融资的关系。我们的研究发现:银行关联有助于民营企业获得更多的长期借款增量,同时降低了企业的短期借款增量,从而导致长期借款占总借款的比重更高。在金融生态环境好的地区中,银行关联与企业债务融资并不存在显著的关系;但在金融生态环境差的地区中,银行关联有助于民营企业获得更多的长期借款增量,并显著影响企业的债务期限结构。进一步将银行关联区分为高层银行关联与低层银行关联,发现不同层级的银行关联与债务融资的关系也存在不同。

Using a sample of 583 China's private listed enterprises between 2004 and 2008,the relationship of banking connection and debt Financing is empirically studied in this paper.Followings are our main research findings:firstly,banking connection is found to be quite effective in helping private enterprises achieve long-term loans and in reducing their short-term loans,thus raising the long-term loan proportion of the overall loans;secondly,there is no apparent relationship between banking connection and debt financing in areas with good financial ecological environment while in an area with a relatively worse financial ecological environment,banking connection plays an important role in helping private enterprises achieve long-term loans and affects their debt maturity structure greatly;thirdly,a further classification of banking connection(high-ranking connection and low-ranking connection) reveals that different banking connections have different impact on debt financing.