社会资本、法律制度环境与银行贷款契约——基于GMM的动态面板数据分析

Social Capital,Legal System Environment and Bank Loan Contracts——Data Analysis Based on Dynamic Panel with GMM Estimation

结合"契约代理理论",本文选取2007~2014年690家上市公司为研究样本,应用差分GMM和系统GMM估计方法实证检验社会资本、法律制度环境与银行贷款契约之间的关系。研究结果表明:(1)社会资本的发展水平越高,银行贷款利率越低,贷款金额越多,贷款期限越长;(2)法律制度环境越好,银行贷款利率越低,贷款金额越多,贷款期限越长;(3)良好的法律制度环境将减弱社会资本对银行贷款契约的正面影响,社会资本和法律制度环境具有相互替代的作用。

According to the Agency Theory of Covenants, this paper empirically studies the relationship among social capital, legal system environment and bank loan contracts with Difference-GMM and System-GMM estimating methods, by using 690 listed company samples over the period from 2007 to 2014 to form dynamic panel data models. The results indicate that： （1） the higher the level of social capital development is, the lower interest rates, the larger amounts, the longer maturities of bank loan contracts will be; （2） the better the legal system environment is, the lower interest rates, the larger amounts, the longer maturities of bank loan complement to legal system environment for alleviating contracts will be; （3） social capital is a substitute rather than a the tightness of bank loan contracts.