中国上市公司二次贷款行为与高管银行背景

On the Influence that Executives' Banking Background of Listed Companies has on the Companies' Bank Credit and Private Lending

从高管银行背景对银行信贷的作用、高管银行背景从事民间借贷的行为出发,研究银行信贷经由上市公司流向民间借贷市场的路径。结果发现,有高管银行背景的企业更可能获得银行信贷,即使在银根紧缩期仍具有获取信贷的能力。进一步研究发现,有高管银行背景的企业更容易从事民间借贷,即使在紧缩期也是如此。这是由于高管银行背景能够帮助企业在银根紧缩时获取信贷,从而将这些资金投入回报率更高的民间借贷市场。此外,对高管类型进行分类检验后发现,类型2企业获取信贷的可能性小于类型1,从事民间借贷的可能性也小于类型1。

The article aims to study how the executives' banking background helps the listed companies to get banks credits and then engage in private lending. The results reveal that with executives' banking background,the companies are more likely to get bank credits even in the time of monetary tightening. And with these bank credits,the companies are more likely to undertake private lending even in the time of monetary tightening. In the whole process,the executives' banking background plays a crucial role. We further divide the executives into two types and then find that companies with Type I executives have bigger possibilities to both get bank credits and engage in successful private lending.