终极所有权结构、社会资本与银行贷款契约

发布时间：2018-02-12 09:43

  本文关键词： 终极所有权结构 社会资本 银行贷款契约 公司治理 制度环境　出处：《西南交通大学》2017年博士论文　论文类型：学位论文

【摘要】：基于终极所有权结构视角(一种公司治理结构)和社会资本视角(一种非正式制度环境)研究银行贷款契约的设计和安排问题是近年来财务学研究领域的前沿议题。论文在对银行贷款契约研究文献进行梳理总结的基础上,首先,对社会资本的理论发展脉络、定义内涵和度量方法进行详细阐述,结合中国国情构建适合中国上市公司的社会资本综合度量指标体系,对上市公司社会资本的指数特征进行详细分析。其次,结合银行贷款契约相关理论,基于代理冲突视角和信息不对称视角理论推演终极所有权结构、社会资本如何影响银行贷款契约,以及终极所有权结构与银行贷款契约的关系如何受社会资本的影响。在理论分析的基础上,以一个包含2007-2014年的690家上市公司组成的平衡面板数据为样本,分别构建静态和动态面板计量经济模型,运用固定效应回归、随机效应回归、有序Logistic回归等静态估计技术,系统GMM、差分GMM等动态估计技术以及参数检验(T检验)和非参数检验(Kruskal-Wallis检验、Median检验)等多种计量方法实证检验终极所有权结构、社会资本与银行贷款契约之间的关系。论文共分七章:第1章绪论。包括研究背景和研究意义,研究目标、研究内容和研究框架,研究方法和技术路线,关键术语的界定。第2章文献研究综述。对银行贷款契约相关研究文献进行系统地综述和梳理。第3章社会资本的内涵、度量及其特征分析。梳理和总结社会资本的理论发展脉络、定义内涵、度量方法;构建上市公司社会资本的综合度量指标体系;分析上市公司社会资本的指数特征。第4章终极所有权结构对银行贷款契约的影响。理论推演终极所有权结构如何影响银行贷款契约,运用静态和动态估计技术实证检验终极所有权结构与银行贷款契约之间的关系。第5章社会资本对银行贷款契约的影响。理论推演社会资本如何影响银行贷款契约,运用静态和动态估计技术实证检验社会资本与银行贷款契约之间的关系。第6章终极所有权结构和社会资本对银行贷款契约的交互影响。理论推演终极所有权结构与银行贷款契约之间的关系如何受社会资本的影响,运用静态和动态估计技术实证检验终极所有权结构和社会资本的交互项与银行贷款契约之间的关系。第7章结论。包括主要研究结论、研究创新点、政策性启示和未来研究展望。论文的主要研究结论总结如下:(1)西方社会资本理论的发展经历了萌芽期、成长期和繁荣期三个阶段;社会资本的概念内涵包括宏观和微观两层定义;中国上市公司的社会资本度量指标体系包含宏观层面的社会信任、社会规范、社会参与、社会组织和微观层面的政府关系网络、银行关系网络、社会关系网络;对于不同的行业类别和地域分布,中国上市公司的社会资本指数存在显著的差异性。(2)终极所有权结构是影响银行贷款契约的重要因素,具体表现为:终极控制股东的控制权越强、控制权和现金流量权之间的分离程度越大、金字塔控制层级越多,银行贷款契约的紧缩性程度越高(贷款利率越高、贷款额度越小、贷款期限越短);终极控制股东的现金流量权越多、终极控制股东类型为国有时,银行贷款契约的宽松性程度越高(贷款利率越低、贷款额度越大、贷款期限越长)。(3)社会资本是影响银行贷款契约的重要因素,具体表现为:社会资本的发展水平越高,银行贷款契约的宽松性程度越高(贷款利率越低、贷款额度越大、贷款期限越长)。(4)终极所有权结构与银行贷款契约之间的关系受社会资本发展水平的影响,具体表现为:高水平的社会资本一方面能减弱控制权、控制权和现金流量权的分离度、金字塔控制层级对银行贷款契约的负面影响;另一方面能增强现金流量权、国有型终极控制股东对银行贷款契约的正面影响。
[Abstract]:Based on the perspective of ultimate ownership structure (a corporate governance) and social capital (an informal environment) the design and arrangement of bank loan contract is a frontier research topic of Finance in recent years. The research on bank loan contract documents based on the research results, firstly, the theory of development in the context of social capital, the definition and measurement method in detail, suitable for the construction of Chinese listed company social capital integrated index system combined with the China conditions, the social capital of the listed company means the number of features is analyzed in detail. Secondly, combined with the theory of bank loan contract, from the perspective of agency conflicts and asymmetric information from the perspective of theory of ultimate ownership structure on the basis of how social capital affects the bank loan contract, and the relationship between ultimate ownership structure and bank loan contract such as What is affected by social capital. On the basis of theoretical analysis, balanced panel data composed of a contains 2007-2014 years of the 690 listed companies as the sample, the static and dynamic panel econometric models were constructed using regression, fixed effects, random effects regression, ordinal Logistic regression static estimation technology, GMM system, difference GMM dynamic estimation and parameter test (T test) and non parametric test (Kruskal-Wallis test, Median test) and other empirical econometric methods of ultimate ownership structure, the relationship between social capital and bank loan contract. The thesis consists of seven chapters: the first chapter is the introduction including the research background and research significance, research objectives. The research content and research framework, research methods and technical route, the definition of key terms. The second chapter is the literature review of the research on bank loan contract. The relevant research literature are reviewed systematically And sort out. The third chapter the connotation of social capital, measurement and characteristic analysis. Summarizes the social capital theory development, definition, measure methods; comprehensive measures of constructing the index system of social capital of listed companies; analysis index of social capital of listed companies. The fourth chapter of ultimate ownership structure on bank loan contract. Theory of ultimate ownership structure affect the bank loan contract, estimation technology of empirical test of the relationship between ultimate ownership structure and bank loan contract. The use of static and dynamic effect of the contract of loan of fifth chapter of social capital on the banks. The influence of the social capital theory to bank loan contract, to estimate the relationship between social capital and technology empirical test of bank loan contract the use of static and dynamic interaction. The sixth chapter of ultimate ownership structure and social capital on the bank loan contract. How is the relationship between the theory of ultimate ownership structure and bank loan contract is affected by the social capital, and the interaction between bank loan contract relationship is estimated empirically the ultimate ownership structure and social capital through static and dynamic. The seventh chapter is the conclusion. Including the main conclusion of the study, research and innovation, policy implications and future research look. The main conclusions of this thesis are summarized as follows: (1) the development of western social capital theory has experienced the germination period, growth period and prosperity period of three stages; the connotation of the concept of social capital, including macro and micro two layer Chinese definition; listed company's social capital measurement index system including the macro level of social trust, social norms network, social participation, social organizations and government relations at the micro level, bank relationship network, social network; for different industry categories and geographical division The cloth, there are significant differences Chinese listed company social capital index. (2) the ultimate ownership structure is an important factor affecting the bank loan contract, specific performance: the control of the ultimate controlling shareholder is stronger, the degree of separation between control rights and cash flow rights is bigger, Pyramid level of control more, more austerity the degree of bank loan contract (the higher the loan interest rate, the loan amount is small, the shorter duration of the loan); more cash flow rights of ultimate controlling shareholder, ultimate controlling shareholder is state-owned type, the higher the degree of easing bank loan contract (the lower the loan rate, the loan amount is larger, the longer the loan period). (3) social capital is an important factor affecting the bank loan contract, specific performance: the development level of social capital is higher, the higher the degree of easing bank loan contract (the loan interest rate is lower, the greater the amount of loans, loan The longer the period). (4) the relationship between ultimate ownership structure and bank loan contract is affected by the development level of social capital, specific performance: the high level of social capital on the one hand can weaken the control over the degree of separation of control rights and cash flow rights, the negative impact of Pyramid control level on bank loan contract; on the other on the one hand can enhance the positive influence of the cash flow rights, the ultimate controlling shareholders of state-owned bank loan contract.

【学位授予单位】：西南交通大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F832.51;F832.4
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本文编号：1505337