主营业务利润率、代理成本和委托贷款规模的关系研究

发布时间：2018-05-09 07:07

  本文选题：委托贷款 + 非经常性损益　； 参考：《复旦大学》2014年硕士论文

【摘要】：近年来,我国逐渐实行了相对偏紧的货币政策,市场资金供给略显紧张。部分手握大量现金的上市公司通过委托贷款这种新的资金融通方式,为融资困难的中小企业提供发展所需的资金。但是,若上市公司大规模发放委托贷款,将会带来一系列不利影响,例如,有损上市公司的健康发展,不利于国家宏观调控政策的实施等。因此,我们需要研究上市公司进行委托贷款的行为特征,并探析上市公司发放委托贷款规模的影响因素。在本文中,我们逐条查询了WIND数据库中上市公司公告,收集到了2007-2012年我国上市公司委托贷款的样本数据,通过对数据进行描述性统计分析,我们研究了上市公司委托贷款的现状、行业特征及影响。同时,我们对样本数据进行多元线性回归分析,深入探析了我国上市公司发放委托贷款规模的影响因素,并重点研究了借款方为非关联企业时的情形,得出以下结论：当借款人为非关联企业时,(1)上市公司发放委托贷款的规模和主营业务利润率之间有更明显的负相关关系,即上市公司主营业务发展状况较差时更有可能发放委托贷款给非关联企业,获取较高的短期收益。但是上市公司若长期把闲余资金投向虚拟经济,势必会掏空实体产业,动摇社会可持续发展的根基；(2)上市公司发放委托贷款的规模和大股东持股比例的平方之间有更明显的负相关关系,可能是因为本文非关联组样本属于股东比较分散的情形,无法对管理层形成有效监督,管理层发放高利率的委托贷款以获取短期的收益。但管理层过分追求短期利益,也不利于上市公司主业的发展。这种金融投资一旦过度,将会导致上市公司对主业投资的减少,发展到严重的地步甚至会造成实体经济空心化。为避免上市公司滥发委托贷款影响主业发展,本文最后提出的建议是：完善相关法律法规,加强对上市公司和商业银行的监管。
[Abstract]:In recent years, China has gradually implemented a relatively tight monetary policy, the supply of market funds is slightly tight. Some listed companies with large amounts of cash provide financing for the development of small and medium-sized enterprises with financing difficulties through the new financing method of entrustment loans. However, if the listed company issues the trust loan on a large scale, it will bring a series of adverse effects, for example, harm to the healthy development of the listed company, unfavorable to the implementation of the national macro-control policy and so on. Therefore, we need to study the behavior characteristics of entrustment loans of listed companies, and explore the factors that affect the scale of entrustment loans issued by listed companies. In this paper, we have searched the public notice of listed company in WIND database one by one, collected sample data of loan entrusted by listed company in China from 2007 to 2012, and analyzed the data by descriptive statistical analysis. We have studied the status quo, industry characteristics and impact of entrustment loans of listed companies. At the same time, we carry on the multivariate linear regression analysis to the sample data, deeply analyze the influencing factors of the scale of the entrustment loan issued by the listed company in our country, and focus on the situation when the borrower is a non-affiliated enterprise. The following conclusions are drawn: when the borrower is a non-affiliated enterprise, there is a more obvious negative correlation between the size of the principal loan issued by the listed company and the profit margin of the main business. That is, the listed companies are more likely to issue entrustment loans to non-affiliated enterprises when their main business development is poor, so as to obtain higher short-term income. However, if listed companies invest their spare funds in the virtual economy for a long time, they will certainly empty out the real industry. There is a more obvious negative correlation between the scale of entrustment loans issued by listed companies and the square of majority shareholders' shareholding ratio, which may be due to the fact that the sample of non-associated groups belongs to the situation of more dispersed shareholders. There is no effective supervision over the management, which issues high interest rate entrustment loans to obtain short-term income. But the management excessively pursues the short-term benefit, also is disadvantageous to the listed company main industry development. Once this kind of financial investment is excessive, it will lead to the decrease of listed companies' investment in the main business, and it will even lead to the hollowing of the real economy. In order to prevent the listed companies from issuing entrustment loans to affect the development of the main industry, this paper puts forward some suggestions: to perfect the relevant laws and regulations, and to strengthen the supervision of listed companies and commercial banks.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4

【参考文献】

中国硕士学位论文全文数据库 前2条

1 蔡锷明;银行信托贷款类理财产品法律问题研究[D];湖南大学;2009年

2 李光义;基于自由现金流的上市公司过度投资行为研究[D];重庆大学;2010年

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本文编号：1865060