公司产权、投资者保护与长期借款成本

Company property,investor protection and the cost of long-term borrowing

以沪深两市A股上市公司2011-2015年数据作为研究样本,立足于银行信贷市场,实证检验上市公司产权与投资者保护水平对银行长期借款成本的影响。研究发现:上市公司投资者保护水平越高,其获得的银行长期借款成本越低;这一关系在国有上市公司中并不显著,表明国有产权背景可能会弱化投资者保护水平对银行长期借款成本的作用效果。

This paper selects A-share listed companies during 2011-2015 from shanghai and Shenzhen stock markets as the data samples, based on bank credit market in China, using the method of empirical research, to examine whether the level of investor protection can affect the cost of long-term borrowing from a bank. It finds that, the higher the level of investor protection performs, the lower the cost of long-term borrowing from a bank obtained by a listed company. Based on the group of property rights, the further finding is that this relationship is not significant in the state-owned listed companies, which shows that the state-owned property right will weaken the impact of the investor protection on the cost of long-term borrowing from a bank.