银企关系、关系型贷款与融资成本——来自上市公司的经验证据

Bank-Enterprise Relationship,Relationship Loans and Loan Costs——The Empirical Evidence from Listed Companies

银行和企业是我国重要的经济要素,银企关系也是我国重要的经济关系之一。构建良好的银企关系,减轻信息不对称,不仅是银企自身发展的客观需求,也是适应经济社会的必然趋势。文章选取2010-2018年间我国沪深两市A股上市公司为研究样本,构建银企关系长度、银企关系数量、企业高管背景等三个维度指标,研究银企关系对上市公司银行贷款的作用,具体包括贷款可得性与融资成本。文章的研究结果表明,银企关系长度对企业贷款可得性产生了负向影响,银企关系数量和企业高管背景均对企业贷款可得性产生了显著的正向影响,而只有银企关系数量可以显著降低企业的融资成本。文章将银企关系的实证研究对象从中小企业扩大至全部上市企业,在更大范围内为关系型贷款的影响提供了经验证据,对企业及银行决策者具有一定的借鉴意义。

Banks and enterprises are important economic factors in China,and bank-enterprise relationship is also one of the important economic relations in China. To build a good relationship between banks and enterprises and reduce information asymmetry is not only an objective demand for the development of banks and enterprises,but also an inevitable trend to adapt to the economy and society. A-share listed companies in Shanghai and Shenzhen stock markets of China from 2010 to 2018 are selected in this paper as the research sample,constructed three dimensional indicators,including the length of bank-enterprise relationship,the number of bankenterprise relationship,and the background of corporate executives,to study the role of bank-enterprise relationship on bank loans of listed companies,specifically the availability and financing costs of receiving loans. The results show that the length of bank-enterprise relationship has a negative impact on the availability of corporate loans,the number of bank-enterprise relationship and the background of corporate executives have a significant positive impact on the availability of corporate loans,and only the number of bank-enterprise relationship can significantly reduce the financing cost of enterprises. In this paper,the empirical research object of bank-enterprise relationship is expanded from small and medium-sized enterprises to all listed enterprises,which provides evidence for the impact of relationship loans in a larger scope,and has certain reference significance for enterprises and bank decision makers.