国有和民营企业信贷融资差异研究——基于上市公司的实证分析

The Analysis of Differences Between SOEs and Private Enterprises' Credit Financing——Empirical Analysis of Listed Companies

基于沪深交易所上市公司的财务数据分析表明,我国国有企业的融资环境要优于民营企业的融资环境。民营企业不但因自身存在较多的问题,也因银行金融机构的信贷政策差异,导致外部融资极其困难。国有及民营企业融资影响因素的实证分析表明,国有企业不仅在获取银行贷款上具有先天优势,更容易获得中长期贷款。企业获取信贷的能力与企业本身的固定资产实力、盈利能力、资产负债率、资产规模、企业性质等因素有显著的影响关系,国有企业融资不仅在投资上挤占了民营企业的投资,也影响了我国居民的整体消费水平,进而不利于我国经济持续稳定的发展。

As shown by the financial data analysis of listed companies in Shanghai and Shenzhen StockExchange,the financing environment of state-owned enterprises(SOE s)in our country is better than that of privateenterprises.External financing is extremely difficult for private enterprises because of not only their own problems butalso the credit policy differences between SOE s and private enterprises in bank financial institutions.The empiricalanalysis of the factors influencing the financing of state-owned and private enterprises shows that SOE s not only havethe inherent advantages in obtaining bank loans,but also get medium and long-term loans more easily.The ability ofenterprises to obtain credit has a significant impact on the firm's own fixed asset strength,profitability,asset-liabilityratio,asset size,corporate nature and other factors.SOE s financing accounted for private enterprises in the investment,affected the overall consumption level of our residents,and thus is not conducive to China's sustainable and stableeconomic development.