双重产权性质、财务风险质量与债务契约

Dual Property Rights,Quality of Financial Risk and Debt Contract

财务风险质量是从"流动资产-经营现金流-自由现金流"三个递进层级分析得出的反映企业偿债能力的综合信息。它能够有效引导银行识别企业风险,与银行贷款规模正相关。企业的国有产权性质弱化了财务风险质量的债务契约功效。银行的国有产权性质部分替代了财务风险质量的债务契约功效,但伴随银行股份化改制的推进,其替代功能趋弱。企业和银行的双重国有产权并未产生弱化财务风险质量债务契约功效的增量作用。

The quality of financial risk is the comprehensive information of the enterprise debt paying ability,calculated by the three progressive hierarchies of＂liquid asset-operating cash flow-free cash flow＂.The quality of financial risk can guide the banks to identify enterprise risk effectively,and has a positive correlation with bank loans.The state-owned property right of enterprises weakens the financial risk quality＇s effect on debt contract.The state-owned property right of banks partly replaces the financial risk quality＇s effect on debt contract,but along with the advancement of bank demutualization,its replacement function declines.The incremental weakening effect of the financial risk quality on debt contract,deriving from the dual state-owned property rights,was not verified.