上市公司股权性质、信贷歧视与公司业绩的实证研究

发布时间：2018-01-16 06:45

本文关键词：上市公司股权性质、信贷歧视与公司业绩的实证研究　出处：《北京工商大学》2014年硕士论文　论文类型：学位论文

【摘要】：改革开放三十多年以来，我国民营企业经历了一段快速的发展历程，并成为了我国市场经济体制的重要组成部分。然而，与民营企业迅猛发展形成鲜明对比的是其面临的严重的融资约束。银行贷款作为公司融资来源的主要组成部分之一，对企业发展来说发挥着至关重要的作用。然而，从目前情况来看，相对于国有企业而言，民营企业在银行信贷方面受到了不公平的待遇，即民营信贷歧视。为了证明民营信贷歧视的存在以及其对公司业绩的影响，本文以2008年-2012年上证、深证A股上市公司为样本，使用实证研究的方法，从债务融资成本的角度研究了股权性质与上市公司信贷歧视问题。本文发现，民营上市公司相比国有上市公司面临着更大的债务融资成本，但是国有企业中的地方政府、地方国资委以及地方国有企业控股的上市公司相对于中央一级控股的上市公司并没有面临明显的信贷歧视。同时，相较于短期贷款，民营上市公司在长期贷款中所面临的信贷歧视现象更加显著，这一点更加凸显了股权性质对信贷配给的长期性影响。最后，，本文通过实证研究发现信贷歧视与公司业绩表现显著负相关，得出信贷歧视对公司业绩存在负面影响。本文旨在更加具体、透彻地研究民营企业的现实融资状况，对于发现和解决金融体制中的结构性矛盾、促进民营经济和社会主义市场经济的发展以及进一步深化金融体制改革都具有重要的意义。
[Abstract]:Since thirty years of reform and opening up, China's private enterprises have experienced a period of rapid development, and has become an important part of China's market economy. However, with the rapid development of private enterprises in stark contrast to the serious financing constraints. Bank loans as the main part of the source of financing for companies. Play a vital role in the development of enterprises. However, from the current situation, compared to state-owned enterprises, private enterprises have been treated unfairly in terms of bank credit, namely private credit discrimination.
In order to prove the existence of private credit discrimination and its impact on the performance of the company, in 2008 -2012 Shanghai and Shenzhen A shares of listed companies as a sample, using the method of empirical research, from the perspective of the debt financing cost of listed companies ownership property and credit discrimination problem. We find that private listed companies compared to the state-owned listed companies faced with the debt financing cost more, but the state-owned enterprises in the local government, local SASAC and local state-owned holding listed companies compared to the central level holding companies did not face significant credit discrimination. At the same time, compared with short-term loans, the phenomenon of credit discrimination of private listed companies in the face of long-term loans more significantly, this point highlights the long-term influence of equity nature of credit rationing. Finally, the empirical research found that credit discrimination and The performance of the company has a significant negative correlation, and the credit discrimination has a negative impact on the company's performance.
The purpose of this paper is to further study the financing situation of private enterprises in a more specific and thorough way, which is significant for finding and solving structural contradictions in financial system, promoting the development of private economy and socialist market economy, and further deepening the reform of financial system.

【学位授予单位】：北京工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F275;F832.4

【参考文献】