企业对银行依赖度与现金持有边际价值的关系研究

发布时间：2018-05-10 06:20

本文选题：银行依赖度 + 会计信息质量　；参考：《深圳大学》2017年硕士论文

【摘要】：银行能发挥大贷款人角色缓解代理问题吗?银行的确在我国金融体系中处于不可或缺的地位,银行借款也是我国企业债务融资的主要途径之一,企业依赖于银行为企业外部治理制度提供条件,同时为银行的债务治理机制提供窗口;银行为防范风险,而监管借款企业的资金使用状况,从而缓解企业代理问题,可能提高现金资产的市场价值。银行对现金资产的监管效应因企业的会计信息质量和成长性的不同而有所差异,对于会计信息质量高、成长性好的企业,银行存在借款偏好,可能会放松对企业监管,导致企业债务治理效应较差,现金持有边际价值并不会增加;而面对会计信息质量低、成长性差的企业,银行相对于其他信息使用者有信息优势和能力去识别风险,可有效监管企业以防范风险,而提高现金持有边际价值。本文选取2011-2015年我国深交所上市公司为样本,规范研究与实证研究相结合,依据会计信息质量和公司成长性,分析了企业对银行依赖度与现金持有边际价值的关系。考虑到企业对银行依赖度可能影响企业的债务结构和财务杠杆水平,本文进一步探讨了债务结构和财务杠杆对现金持有边际价值的影响。以银行借款占企业期末总资产的比例来衡量企业对银行的依赖程度(简称为银行依赖度),以现金持有边际价值作为代理成本的代理变量,进行实证研究发现企业对银行依赖度与现金持有边际价值显著正相关。另外,把会计信息质量、公司成长性纳入银行依赖度与现金持有边际价值的研究框架内,发现会计信息质量低和公司成长低的公司,其银行依赖度提升现金持有边际价值的效果更为明显;进一步研究发现随着公司财务杠杆提高,公司增持的现金资产有明显的价值折损,但这种折损主要出现在企业债务结构中银行借款比重小的企业。
[Abstract]:Can banks play the role of big lenders to alleviate agency problems? Banks are indeed in an indispensable position in the financial system of our country, and bank borrowing is also one of the main ways of debt financing in our country. Enterprises rely on banks to provide conditions for the external governance system of enterprises. At the same time, it provides a window for the debt management mechanism of the bank; the bank, in order to guard against risks, supervises the use of the funds of the borrowing enterprises, thus easing the agency problem of the enterprises, which may enhance the market value of the cash assets. The effect of bank supervision on cash assets varies according to the quality and growth of accounting information. For enterprises with high quality of accounting information and good growth, banks may relax their supervision because of their lending preference. As a result of the poor governance effect of corporate debt, the marginal value of cash holdings does not increase, and in the face of low quality of accounting information and poor growth, banks have information advantages and ability to identify risks compared with other information users. Enterprises can be effectively supervised to guard against risks and increase the marginal value of cash holdings. This paper selects the listed companies of Shenzhen Stock Exchange from 2011 to 2015 as a sample, combines normative research with empirical research, and analyzes the relationship between the dependence of enterprises on banks and the marginal value of cash holdings according to the quality of accounting information and the growth of companies. Considering that the dependence of enterprises on banks may affect the debt structure and the level of financial leverage, this paper further discusses the influence of debt structure and financial leverage on the marginal value of cash holdings. Based on the proportion of bank loans to the total assets of the enterprise at the end of the period, the degree of dependence of the enterprise on the bank is measured. The marginal value of cash holding is taken as the agency variable of the agency cost. The empirical study shows that the dependence of firms on banks is significantly positively correlated with the marginal value of cash holdings. In addition, taking the quality of accounting information and the growth of companies into the framework of the research on bank dependence and marginal value of cash holdings, we find that companies with low quality of accounting information and low growth of companies, The effect of bank dependence on increasing the marginal value of cash holdings is more obvious. Further studies have found that as the financial leverage of the company increases, the company's additional cash assets have a significant value loss. But this kind of discount mainly appears in the enterprise which the bank borrows the proportion small in the enterprise debt structure.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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