债务资金挪用与银行债权治理效果研究——地区差异的调节性中介效应

Research on Misuse of Debt and the Function of the Governance of Creditor's Rights from Bank:The Mediated Moderation Effect of the Regional Differences

本文将债务资金挪用作为银行债权治理的中介目标,提出了度量债务资金挪用的指标,并以我国上市公司为样本,考察了地区差异对银行债权治理效果的调节性中介效应。结果表明,当前我国银行债权治理的效果不佳,银行债权治理甚至对借款企业未来还款能力呈现显著的负向影响,而地区差异又放大了银行债权治理对未来还款能力的负面影响,借款企业所处的地区经济越发达、市场化程度越高、越靠近东部沿海地区,挪用债务资金至更高风险项目的激励越强,导致银行债权治理对未来还款能力的负面影响更大。

This paper takes the misuse of debt as the medium target of the governance of creditor＇s rights from bank, finds out the indicators for measuring the misuse of debt, and looks at the mediating effect that the regional differences cause on the debt governance based on the data of listed companies. The analysis indicates that from the perspective of creditors, the current function of governance of creditor＇s rights doesn＇t work well and even causes the opposite effect on the debt paying ability of debtor and the regional differences make the effect even worse. The opposite effect is stronger in the regions which are closer to eastern coast areas and better on the degree of marketization and economic growth.