业绩波动、两权分离度与银行信贷资源配置

Earnings Fluctuation, Two-Right-Separation Level and the Allocation of Bank Credit Resource

本文以2007～2011年的A股上市公司为数据样本，采用面板数据回归模型，实证检验业绩波动、两权分离度和银行信贷资源配置之间的关系。研究结果表明，相对于国有企业，非国有企业在获得银行信贷资源方面与其业绩波动和两权分离度之间均存在显著负相关关系。而国有企业的银行信贷资源配置与这两种因素的相关性却不明显。这说明商业银行在面对非国有企业时，其信贷资源的配置效率更高，更加市场化；而面对国有企业时，其信贷资源的配置效率则有待进一步提高。为了改善商业银行信贷资源配置效率，必须提高中国金融体系的市场化程度。

Based on data of the A-share listed companies during 2007-2011 and panel data regression model, this paper em- pirically examines the relationship between earnings fluctuation, two-right-separation level and allocation of bank credit re- source. The results of the paper show that, compared with the state-owned enterprise, non-state-owned enterprise＇s obtaining bank credits is significantly and negatively related to its earnings fluctuation and two-right-separation level, but the state-owned enterprise doesn＇t has such significant relationship. It is indicates the credits that commercial banks grant the non-state-owned enterprises is more efficient and more market-oriented in allocation, and the credits granted to the state-owned enterprises need to improve allocation efficiency. To improve the allocation efficiency of the credit resource of commercial banks, it is necessary to increase the marketization degree of China＇s financial systems.