银行往来关系与企业融资约束——基于中国民营上市公司的经验证据

Banking Relationships and Corporate Financial Constraints:Empirical Evidence from Chinese Privately-Controlled Listed Firms

银行往来关系是一种可为银行及其客户带来收益的超越单纯金融交易的密切关系。银行往来关系会给公司带来相应的价值和成本。选取中国民营上市公司作为研究样本,采用现金-现金流模型实证检验银行往来关系与企业融资约束的关系,结果表明银行往来关系能够有效地缓解民营上市公司的融资约束。进一步的研究发现,银行往来关系对企业融资约束缓解作用在金融危机后以及中小民营上市公司表现更为显著。因此,基于当前我国银行往来关系与企业融资现状,相关部门应大力开拓和扶持多种投融资渠道,积极建立银行往来关系,发展合法的非国有金融机构,由此改善我国企业融资环境,促进中小企业发展。

Banking relationships represent a type of close relationships that can bring profits to banks and their customers beyond pure financial transactions and will bring corresponding value and cost to the companies. This paper uses the sample of Chinese privately-controlled listed firms and the cash-cash flow model to empirically study the relationship between banking relationships and financial constraints. The results show that bank relationships can effectively alleviate the degree of financial constraints on Chinese privately-controlled listed firms. Further research finds that this effect is more prominent after the financial crisis of 2008 and among the small and medium-sized privately-controlled listed firms. Therefore,based on the current situation of banking relationships and enterprise financing in China,the related government departments should vigorously develop and support various investment and financing channels,actively establish banking relationships and develop legitimate non-state-owned financial institutions,thereby improving the financing environment of enterprises in China and promoting the development of small and medium-sized enterprises.