金融发展与银行关联对民营企业银行贷款的影响研究
发布时间：2018-11-11 11:02
【摘要】：我国金融业的改革在经历了三十多年的风风雨雨后已取得了令人瞩目的成绩，然而，，我国各地区的金融发展水平却由于国家政策扶持力度、资源禀赋等因素呈现出较大的差异，这使得不同地区的民营企业在外部融资时面临着截然不同的融资环境。一旦身处不利于自身发展的融资环境时，民营企业通常会寻求一些非正式的替代机制以克服因外部环境不健全给其带来的阻碍，近年来，在现代经济社会关系中占据重要地位的银行关联逐渐成为民营企业的新宠。那么银行关联对其负债融资到底有哪些影响？这些影响又会受到哪些外部因素制约呢？ 本文以2010-2012年在A股上市的民营企业作为研究样本，分析了金融发展水平对民营企业债务融资的影响，讨论了当金融发展水平限制了企业的债务融资进而影响其发展时，企业所寻求的替代机制给其带来的贷款效应。结果表明，金融发展水平确实会影响民营企业的债务融资，同时银行关联也能够给民营企业带来一定的贷款效应。在此基础上，进一步确认在金融发展水平相对较低的地区，银行关联给民营企业带来的贷款效应更为显著。 虽然银行关联这一非正式制度能够有效缓解民营企业因正式制度欠缺而面临的融资约束，但要从根本上改善民营企业的债务融资现状，关键还在于完善民营企业公平竞争的制度机制，进一步深化金融体制改革，加快落后地区金融市场化的进程，以尽快为民营企业打造一个健康有序平等的融资通道。
[Abstract]:The reform of our financial industry has made remarkable achievements after more than 30 years of ups and downs. However, the level of financial development in various regions of our country has shown great differences due to the strength of state policy support, resource endowment and other factors. This makes the private enterprises in different regions in the external financing facing a completely different financing environment. Once they are in a financing environment that is not conducive to their own development, private enterprises usually seek informal alternative mechanisms to overcome the obstacles caused by the imperfect external environment. Bank association, which occupies an important position in modern economic and social relations, has gradually become the new favorite of private enterprises. So what is the impact of bank association on debt financing? What external factors will restrict these effects? This paper analyzes the influence of financial development level on debt financing of private enterprises by using private enterprises listed in A shares from 2010-2012 as a research sample, and discusses when the level of financial development restricts debt financing of enterprises and then affects their development. The loan effect of the alternative mechanism that the enterprise seeks to bring to it. The results show that the level of financial development does affect the debt financing of private enterprises, and the bank association can also bring a certain loan effect to private enterprises. On this basis, it is further confirmed that in the regions with relatively low financial development level, the loan effect brought by bank association to private enterprises is more significant. Although the informal institution of bank association can effectively alleviate the financing constraints faced by private enterprises due to the lack of formal system, it is necessary to fundamentally improve the current situation of debt financing of private enterprises. The key lies in perfecting the institutional mechanism of fair competition of private enterprises, further deepening the reform of financial system, speeding up the process of financial marketization in backward areas, and creating a healthy, orderly and equal financing channel for private enterprises as soon as possible.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F276.5
本文编号：2324636
[Abstract]:The reform of our financial industry has made remarkable achievements after more than 30 years of ups and downs. However, the level of financial development in various regions of our country has shown great differences due to the strength of state policy support, resource endowment and other factors. This makes the private enterprises in different regions in the external financing facing a completely different financing environment. Once they are in a financing environment that is not conducive to their own development, private enterprises usually seek informal alternative mechanisms to overcome the obstacles caused by the imperfect external environment. Bank association, which occupies an important position in modern economic and social relations, has gradually become the new favorite of private enterprises. So what is the impact of bank association on debt financing? What external factors will restrict these effects? This paper analyzes the influence of financial development level on debt financing of private enterprises by using private enterprises listed in A shares from 2010-2012 as a research sample, and discusses when the level of financial development restricts debt financing of enterprises and then affects their development. The loan effect of the alternative mechanism that the enterprise seeks to bring to it. The results show that the level of financial development does affect the debt financing of private enterprises, and the bank association can also bring a certain loan effect to private enterprises. On this basis, it is further confirmed that in the regions with relatively low financial development level, the loan effect brought by bank association to private enterprises is more significant. Although the informal institution of bank association can effectively alleviate the financing constraints faced by private enterprises due to the lack of formal system, it is necessary to fundamentally improve the current situation of debt financing of private enterprises. The key lies in perfecting the institutional mechanism of fair competition of private enterprises, further deepening the reform of financial system, speeding up the process of financial marketization in backward areas, and creating a healthy, orderly and equal financing channel for private enterprises as soon as possible.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F276.5
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