股价崩盘风险、投资者保护与银行贷款契约

Stock Price Crash Risk,Investor Protection and Bank Loan Contracting

本文使用2013~2017年中国非金融上市公司数据,考察股价崩盘风险、投资者保护与银行贷款契约之间的关系。研究发现,股价崩盘风险越高,贷款利率越高,贷款期限越短,更不可能使用信用贷款担保。此外,良好的投资者保护会缓解股价崩盘风险对银行贷款契约的负面影响。进一步研究发现,投资者保护对股价崩盘风险与银行贷款契约之间关系的影响在非国有企业和非主板市场中更加明显。

This paper investigates the relation among stock price crash risk,investor protection and bank loan contracting by using the data of Chinese non-financial listed companies from 2013 to 2017.We find that the firm with higher stock price crash risk will be charged higher loan spread,shorter maturity,and lower likelihood of credit guarantee.In addition,a good investor protection could mitigate the adverse effect of stock price crash risk on bank loan contracting.The further evidence shows that the effect of investor protection on the relation between stock price crash risk and bank loan contracting is more pronounced in non-state-owned enterprises and non-main board markets.