机构投资者持股和企业银行借款关系研究

The Research on Relationship between the Share Holding of Institutional Investors and Bank Credit

近年来,机构投资者在中国资本市场蓬勃发展。通过分析机构投资者持股变化对公司治理的影响,可以发现机构投资者持股和企业新增银行借款比例呈倒U型关系:机构投资者持股比例的增加有助于企业获得银行借款,但当机构投资者持股达到一定比例后,机构投资者持股的增加又会抑制企业银行借款的增加。机构投资者持股对于企业获取银行借款的影响依赖于持股比例的变化。

The institutional investors got rapid progress in ChinaJs capital market during past years. The study analyzed the impact of institutional investorsto corporate governance and found that there was a reverse u-shape curve relation between the share of institutional investors and the new capital credited from banks. It implied that the increase of the share of insti- tutional investors would improve the corporate to obtain more bank loans, while the share of institutional investors was more than a special portion, the increase would halt corporate obtain bank loans. The found suggests that the effect of the institu- tional investors＂ share holding on corporate bank loans depended on the change of share of institutional investors.