银行关联对民营企业融资约束的影响分析

发布时间：2018-05-17 08:00

本文选题：银行关联 + 民营企业　；参考：《南开大学》2013年博士论文

【摘要】：国有企业改革以来,民营经济在国民经济中所占比重逐渐增大,但民营企业可获得的信贷资源却十分有限。不仅小微企业,大中型民营企业也不同程度地反映出对外部资金的旺盛需求、对银行贷款的依赖和实际融资中的困难。这种困境很大程度上是由中国的金融体制安排造成的,中国的金融体制以银行间接融资为主,资本市场等直接融资渠道发展缓慢,更为关键的是,政府对信贷资源有很强的控制力。从工业化进程的角度看,上述制度安排有其合理性和必要性,对金融资源的控制使这些国家在工业化的道路上,得以快速追赶并实现超越。当然,这种金融安排的弊端就是银行偏好国有企业,对民营企业存在信贷歧视,抑制了对民营企业的信贷供给。虽然2006年之后以四大国有银行为代表的国有企业改革取得阶段性成功,国内银行的市场化程度得到了提升,但仍未完全摆脱地方政府的干预、央行信贷额度的控制,银行的信贷决策过程中仍存在着较多的非市场化因素。可见,现行金融体制下,民营企业易受银行的信贷歧视,较难从正规的融资渠道获得足够的信贷支持,且融资成本较高,常常受到融资约束的困扰。在此背景下,本文将探寻其他替代机制,能够缓解民营企业因所有权性质差异而受到的信贷歧视,探究规模以上民营企业与银行建立的银行关联,是否可以帮助民营企业从正规的融资渠道中获得稳定足够的信贷支持,从而缓解外部融资约束,为民营企业进一步的做大做强奠定基础。文章首先利用全国工商联对规模以上民营企业的调查统计数据,从收入、资产规模、利润和员工人数四个维度对上市民营企业、上市中小板民营企业与规模以上民营企业做了对比,发现三者间具有较高的相似性。以上市民营企业为例,采用国内研究者较少使用的自然实验法,以2008年出台的《关于修改上市公司现金分红若干规定的决定》作为外生冲击,对比研究了国有上市公司和民营上市公司在《新规》出台前后的现金分红差异,通过对比验证了规模以上民营企业的融资约束。然后重点研究了银行人事关联对民营企业融资约束的影响。从社会资本和信息两个角度展开分析。一方面非正式制度的出现可以在一定程度上弥补正式制度的空隙和不足,帮助减少信贷市场上的信息不对称程度,减轻市场摩擦。另一方面,中国的传统文化使得人们在从日常生活到企业经营等各种活动中非常重视人际关系的建立和运用,人情、面子和关系成为了人们获取稀缺资源的一种重要资本。采用对中小板民营上市公司招股说明书中手工搜集的数据,就银行人事关联对民营企业融资约束的影响作用进行了经验研究。结果发现,银行人事关联可以显著缓解民营企业受到的融资约束,政治关联也具有类似的效果,两种关联方式具有替代效果。有银行人事关联的民营企业,在整体负债和银行短期借款方面,均显著高于无银行人事关联的民营企业。而在银行长期借款上则没有表现出显著的差异。在融资成本方面,并未发现银行人事关联对融资成本有降低作用。与银行人事关联这种非正式制度相比,银行股权关联则完全是一种市场化关联行为,随着国内银行不断改革,内部治理和外部法律法规体系不断完善,正式制度将不断发挥更多的作用,企业与银行间的交易行为将主要以市场为基础。因此,文章接着对银行股权关联做了探讨,现阶段我国只允许企业参股银行,所以重点分析和评价了企业参股银行这种关联方式对民营企业融资约束的影响。本文先构建了一个理论框架,讨论了企业参股银行对企业融资成本和要素投入偏好的影响。结果发现,企业持有银行的股份,无论是否能够影响银行的信贷决策,对企业资金需求的影响结果都相同,这类企业对从银行借入的资本价格敏感度降低。在任意的资本和劳动力价格组合下,持有银行股权的企业会更多的使用资本进行生产,偏好资本密集型的生产方式。然后以上市民营企业为例,就银行股权关联对民营企业融资约束的影响作了经验检验。结果证实了民营企业持有银行股份对企业融资约束的缓解作用。参股银行后,民营企业在整体负债水平、银行借款方面都有显著增加,企业的银行借款期限结构显著缩短,同时财务风险也有所增加,但并不显著。此外,由于国内银行业属垄断行业,存在着较丰厚的垄断利润,多元化经营、分享银行业垄断利润也是现阶段民营企业参股银行的考虑之一。虽然目前国内商业银行法禁止银行持有非金融企业股权,文章还是从理论上探讨了银行持有企业股权这种银行股权关联形式。结果发现,银行持股企业以直接和间接两条渠道帮助民营企业获得贷款。直接影响是持股增强了企业的资本实力,增加了企业的可抵押资产,与增加银行监督资本投入的效果相同。同时,企业项目成功后银行获得的收入增加,弥补了监督所付出的成本,改善了银行的激励机制。间接影响是银行持股降低了与民营企业的信息不对称程度,节省了银行监督成本的投入,间接增加了民营企业获得信贷的可能性。
[Abstract]:Since the reform of state owned enterprises, the proportion of private economy in the national economy has increased gradually, but the credit resources available by private enterprises are very limited. Not only small and micro enterprises, but also large and medium-sized private enterprises also reflect the exuberant demand for external funds, the dependence on bank loans and the difficulties in actual financing. To a great extent, it is caused by the financial system arrangement in China. China's financial system is dominated by indirect bank financing, and the direct financing channels such as the capital market are slow to develop, and the key is that the government has strong control over the credit resources.
From the point of view of the process of industrialization, the above system arrangement has its rationality and necessity. The control of financial resources makes these countries fast catching up and Surpassing in the road of industrialization. The disadvantage of this financial arrangement is that the banks prefer state-owned enterprises, credit discrimination to private enterprises and restrain private enterprises. Credit supply. Although the reform of state-owned enterprises, represented by the four state-owned banks after 2006, has achieved a stage success, the degree of marketization of domestic banks has been improved, but it is still not completely free from the intervention of local governments, the control of the central bank credit line, and there are still many non market factors in the process of bank credit decision-making.
It can be seen that under the current financial system, private enterprises are vulnerable to the credit discrimination of the banks, and it is difficult to obtain sufficient credit support from the regular financing channels, and the financing costs are high and are often plagued by financing constraints. In this context, this paper will explore other alternative mechanisms to alleviate the credit of private enterprises due to the difference of ownership nature. Discrimination, exploring the relationship between the private enterprises and banks above the scale, whether it can help the private enterprises obtain stable sufficient credit support from the regular financing channels, thus relieving the external financing constraints and laying the foundation for the further development of the private enterprises.
The article first makes use of the survey statistics of the private enterprises above the scale by the National Federation of industry and commerce, and compares the listed private enterprises with the private enterprises on the listed private enterprises from four dimensions of income, asset scale, profit and employee number, and finds that there is a higher similarity between the listed private enterprises and the private enterprises above the scale. Using the natural experimental method which is less used by domestic researchers, the difference of cash dividend difference between state-owned listed companies and private listed companies before and after the introduction of the new regulations was compared. The financing of private enterprises above the scale was verified by comparison. Constraint.
Then it focuses on the impact of bank Personnel Association on financing constraints of private enterprises. From two perspectives, social capital and information. On one hand, the appearance of the informal system can make up the gap and deficiency of the formal system to a certain extent, and help to reduce the asymmetric degree of credit in the credit market and reduce the market friction. On the other hand, Chinese traditional culture makes people attach great importance to the establishment and application of human relations in various activities from daily life to enterprise management. Human feelings, face and relations have become an important capital for people to obtain scarce resources. The effect of association on the financing constraints of private enterprises is studied. The results show that the bank personnel association can significantly alleviate the financing constraints of the private enterprises, and the political connections have similar effects. The two related ways have the substitution effect. In terms of funds, all of them are significantly higher than those with no bank Personnel Association, but there are no significant differences in long-term bank borrowing.
Compared with the informal institution of bank Personnel Association, the bank equity connection is completely a kind of market-based association behavior. With the continuous reform of the domestic banks, the internal governance and the external law and regulations system are constantly perfected, and the formal system will continue to play more role. The transaction behavior between the enterprise and the silver line will be mainly based on the market. Then, the article then discusses the bank equity connection. At the present stage, our country only allows the enterprises to participate in the share bank, so the impact of this connection mode on the financing constraints of the private enterprises is analyzed and evaluated.
This paper first constructs a theoretical framework, and discusses the influence of the enterprise participating banks on the financing cost and the factor input preference of the enterprise. The results show that the stock of the banks, whether or not it can affect the bank's credit decision, has the same effect on the capital demand of the enterprise. Under any combination of capital and labor price, the enterprises holding bank shares will use more capital to produce and prefer capital intensive production. Then take the listed private enterprises as an example, the empirical test on the effect of bank equity Association on the financing constraints of private enterprises is tested. The results confirm the private enterprises. After the share bank, the private enterprises have significantly increased the overall debt level, the bank loan, the bank loan term structure significantly shortened, and the financial risk increased, but not significant. In addition, because the domestic banking industry is a monopoly industry, there is a lot of existence. Thick monopoly profits, diversified operation and sharing the monopoly profits of banks are also considered as one of the private banks' participation in banks at this stage.
Although the domestic commercial bank law prohibits banks from holding non financial enterprise shares, the article theoretically discusses the bank ownership form of holding corporate equity in the bank. As a result, the bank shareholding enterprises help private enterprises to obtain loans directly and indirectly. The direct influence is to enhance the capital of the enterprise by holding the stock. At the same time, the increase of the bank's capital input is the same. At the same time, the increase of the bank's income after the success of the enterprise project makes up for the cost of the supervision and the incentive mechanism of the bank. The indirect effect is that the bank shares have reduced the information asymmetry with the private enterprises and save the silver. The cost of supervision has indirectly increased the possibility of obtaining credit for private enterprises.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.4

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