企业控股金融机构影响贷款融资吗?

Does Enterprise-Controlled Financial Institutions Affect Credit Financing?

本文使用2012—2015年沪深A股非金融类上市公司数据,实证检验企业控股金融机构对企业贷款融资的影响。研究结果发现:与非控股金融机构的企业相比,控股金融机构的企业贷款融资数量显著较多,贷款融资成本显著较低;相对于国有企业而言,民营企业控股金融机构对企业贷款融资数量的正向影响越强,则对企业贷款融资成本的负向影响越强。本文进一步研究发现,与非持股金融机构的企业相比,持股金融机构的企业可以获得了更多数量的贷款融资,但贷款融资成本却没有显著降低,只有当企业持股金融机构的比例大于5%时,企业才可以享受到融资成本的显著降低。

This paper using data of A-share non-financial listed corporates in Shanghai and Shenzhen stock markets from 2012 to 2015,and explores the influence of corporate holds financial institutions on credit financing. We found that: compared with the corporate that without holding financial institutions, the corporate that holding financial institutions acquired larger amount and lower cost of credit financing; in private corporate(compared with stated owned corporate), the positive relationship between holding financial institutions and the quantity of credit financing is stronger, the negative relationship between holding financial institutions and the cost of credit financing is stronger; the stock ownership of financial institutions can also affect the quantity and cost of credit financing. The further research found that: compared the corporate that non-holding financial institutions, the corporate that with holding financial institutions can obtain more loan financing, but the cost of loan financing has not been significantly reduced. Only when the proportion of holding financial institutions is more than 5%, the corporate can obtain a significant reduction in financing costs.