社会资本与银行贷款契约关系的研究

发布时间：2018-05-16 02:02

本文选题：社会资本 + 银行贷款契约　；参考：《西南交通大学》2017年硕士论文

【摘要】：银行贷款作为企业重要的融资渠道之一,对企业财务及其经营发展起着至关重要的作用。当前关于企业融资理论的研究仍受到新古典经济学提出的"社会化不足"研究范式的拘束,主要关注正式制度环境下金融市场发展的影响因素,如法律环境制度和债权人权利保护制度等,缺乏对非正式制度的考虑,而事实上,银行贷款活动是镶嵌在社会关系和社会结构中的经济行为,其必然受到诸如网络关系、信任、道德规范等非正式制度的影响。因此,本文认为,社会资本作为一种正式制度的补充手段,与银行贷款契约有着密不可分的关系。在借鉴己有的相关文献和研究成果的基础上,本文从微观(从企业自身出发)和宏观(从企业所属的地区出发)两个维度着手,总共建立了 9个度量指标来较为全面反应出一个企业的社会资本水平。本文运用因子分析法提取了企业社会资本的综合因子(SC),以此作为解释变量,然后构建了四个引入社会资本的回归模型,实证检验了其与被解释变量——银行贷款契约(包括贷款利率、贷款金额、贷款期限和贷款担保四个方面)之间的关系,以2011年至2015年间可获得相关数据的总共501家沪深A股市场非金融行业企业的数据为样本,实证检验了社会资本对银行贷款契约的影响机制;此外,本文加入了法律制度环境作为调节变量,实证检验不同的法律制度环境下,社会资本对银行贷款契约的影响是否存在差异。研究发现,无论是企业本身自有的社会资本出发还是从一个地区的社会资本发展水平出发,社会资本都会对银行贷款契约产生影响,即社会资本的发展水平越高,银行贷款的利率就会越低,贷款规模就会越大,贷款期限就会越长,并且贷款担保要求越低;同时本文研究发现,在法律制度环境较差的地区,社会资本与银行贷款规模和贷款期限之间的正相关关系会更加明显,与贷款担保的负相关关系也会更加明显。
[Abstract]:As one of the important financing channels, bank loan plays an important role in the development of enterprise finance and management. The current research on corporate financing theory is still restricted by the "socialized insufficiency" paradigm put forward by neoclassical economics. It mainly focuses on the factors affecting the development of financial markets under the formal institutional environment. Such as legal environment system and creditor's rights protection system, lack of consideration to informal system, but in fact, bank loan activity is economic behavior embedded in social relations and social structure, it must be subjected to network relationship, trust, etc. The influence of informal institutions such as ethics. Therefore, as a supplement to the formal system, social capital is closely related to the bank loan contract. On the basis of reference of relevant literature and research results, this paper starts from two dimensions: micro (from the enterprise itself) and macro (from the region to which the enterprise belongs). A total of 9 metrics were established to reflect the social capital level of an enterprise. In this paper, we use factor analysis to extract the comprehensive factor of enterprise social capital, which is taken as the explanatory variable, and then construct four regression models of introducing social capital. This paper empirically examines the relationship between the bank loan contract (including loan interest rate, loan amount, loan term and loan guarantee). Based on the data of 501 non-financial enterprises in Shanghai and Shenzhen A share market between 2011 and 2015, the paper empirically examines the mechanism of social capital's influence on bank loan contracts. This article adds the legal system environment as the adjustment variable, and empirically tests whether the influence of social capital on the bank loan contract is different under the different legal system environment. It is found that whether the enterprises have their own social capital or the level of social capital development in a region, the social capital will have an impact on the bank loan contract, that is, the higher the development level of social capital, the higher the development level of the social capital. The lower the interest rate of a bank loan, the larger the loan size, the longer the loan term and the lower the loan guarantee requirement. At the same time, this paper finds that in a region with a poor legal system, The positive correlation between social capital and bank loan size and loan duration will be more obvious, and the negative correlation between social capital and loan guarantee will be more obvious.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4;F275

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