银行债权的公司治理效应研究——基于广东上市公司的实证分析

发布时间：2019-01-20 16:08

【摘要】：本文以市场化程度较高地区广东的企业为样本,以相对较长时期的数据为证据,将银行债权细化为短期债权和长期债权,将上市公司细分为民营公司与国有公司,对银行债权的公司治理效应展开实证研究。研究进一步证明,我国银行债权在公司治理中的独特优势没有得到发挥,近年来银行对企业的财务约束虽然在不断加强,但财务约束仍只是简单的约束机制,可能进一步加剧企业融资难问题,并不能真正实现银企双赢。研究还得到了一些新的发现:银行债权对国有公司存在"财务软约束",而对民营公司则存在"市场软约束";在金融危机爆发时,银行债权对民营公司表现出更为有利的公司治理效应,而对国有公司却相反。
[Abstract]:Based on the sample of Guangdong enterprises in the higher degree of marketization, taking the data of a relatively long period as evidence, this paper classifies bank claims into short-term and long-term claims, and classifies listed companies into private companies and state-owned companies. An empirical study on the corporate governance effect of bank creditor's rights is carried out. The study further proves that the unique advantages of bank creditor's rights in corporate governance have not been brought into play. In recent years, although the financial constraints of banks on enterprises have been continuously strengthened, financial constraints are still a simple constraint mechanism. May further aggravate the financing difficulties of enterprises, can not really achieve a win-win for banks and enterprises. Some new findings are obtained: bank claims have "financial soft constraints" on state-owned companies, and "market soft constraints" on private companies; When the financial crisis broke out, bank creditor's rights showed more favorable corporate governance effect to private companies, but opposite to state-owned companies.
【作者单位】：广州大学商学院;广州市教育局高教处;
【基金】：广东省哲学社会科学规划项目(项目编号:07GE08) 教育部人文社科规划项目(项目编号:10YJA7901871) 广州大学重大重点培育项目(广州大学—美华学社跨学科研究中心)
【分类号】：F276.6;F832.51;F224

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