银企距离对我国上市公司银行贷款影响的实证研究

发布时间：2018-03-18 07:11

本文选题：银企距离　切入点：银行贷款　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：银行业的发展是我国国民经济发展的重要一环,银行体系在我国社会融资活动中发挥着主导性、基础性的作用。改革开放以来,随着资本市场迅速发展,直接融资模式占比有所上升,但是以银行贷款为主的间接融资模式仍在调动储蓄、集聚资金以支撑实体经济建设中发挥着重要作用。银行业的健康发展,对社会融资、实体经济均有关键性的意义。目前随着我国经济进入新常态模式,银行面临的金融行业环境已有所不同。一方面受实体经济下行的影响,加之银行面临转型"阵痛",银行的传统盈利模式受到挑战,利润增长放缓;另一方面,企业信贷风险累积,银行资质质量下降,银行信贷投放时面临的风险加大。对于企业来说,纵然央行调低贷款基准利率,也保证市场的流动性充足,企业融资难的困境仍存在。在信贷市场信用收紧,银企关系紧张,企业融资难的背景下,研究我国企业银行贷款的影响因素,具有一定现实意义。我国目前在银企关系角度对银行贷款影响的研究上,大多从银企关系长度出发,本文在信息不对称理论及代理理论的基础上,研究银企距离对企业银行贷款水平的影响效应机制。为银行与企业从降低信息不对称程度、建立有效的信用体系的方向解决信贷市场信用收紧和企业融资难的问题提供思路。论文首先从信息不对称和企业外部制度环境两个方面分析了银企距离对银行贷款的影响作用机制,进而提出两个检验假设,然后以我国A股市场2015年上市公司为研究样本,在信息不对称理论及代理理论的基础上,通过多元回归模型,实证检验了银企距离对企业银行贷款水平关系影响。论文实证研究结果表明,企业的银行贷款水平与银企距离呈显著的负相关关系。在地区金融发展水平高的省市,银企距离对企业的银行贷款水平的负向影响受到了抑制。银企距离越远,企业的银行贷款水平越低,这说明距离在一定程度上阻碍了企业相关信息的传播和交流,也在一定程度上提高了信息收集成本和银行的监督成本,从而影响了企业的银行贷款水平。地区金融发展水平削弱了银企距离降低银行贷款水平的作用,这说明地区金融发展水平高,信息流通更高效透明,大大缓解了信息不对称的程度,削弱了银企距离对银行贷款的影响,从而提高了企业的银行贷款水平。根据研究结果,论文提出促进银行业进一步健康发展的相应政策建议。一方面银行应重视软信息,建立有效的收集渠道,主动有效地收集软信息,降低信息不对称程度,提高贷款业务的质量。银行可以通过互联网信息技术建立渠道,并且和企业保持畅通的信息交流渠道。另一方面,政府要出台相关政策,大力发展地区金融业,努力提高地区法治水平,建立有效的信用体系,对债权人提供有效的保护,从而达到提高地区银行业竞争程度,提高企业贷款水平的效果。本文可能的创新点主要体现在如下两点:第一、在变量上,现有研究对银企距离的描述由替代变量或宏观描述较多,本文尝试用客观的物理数据以得到更加直接的结果。在描述银企两方之间的物理距离上,国外较多文献均使用了银企双方的总部作为它的位置的代理变量,本文取具体的银行分行与子公司的位置来描述距离。第二、本文结合我国各省市经济金融发展水平差异较大的现状,金融业发展的水平、法治水平以及基础设施水平不同对银行贷款均有一定程度影响。本文引入了地区市场化水平的变量,研究分析不同的地区发展水平对银企距离的影响程度是否有抑制作用。
[Abstract]:The development of the banking industry of national economy in China is an important part of the development, the banking system plays a leading in the financing activities of our society, the basic role. Since the reform and opening up, with the rapid development of the capital market, direct financing mode has increased the proportion of indirect financing mode, but mainly by bank loans were still on the move savings, accumulate funds to support plays an important role in the construction of the real economy. The healthy development of the banking industry, social financing, real economy has crucial significance. At present, as China's economy has entered a new normal mode, banks are facing the financial industry environment are different. On the one hand affected the real economy down, coupled with the bank facing the transformation of "labor pains", the bank's traditional profit model challenged, slowing profit growth; on the other hand, the cumulative decline in bank credit risk, qualification of quality, bank credit at The increased risk for the enterprise, even if the central bank lowered the benchmark interest rate loans, but also to ensure adequate market liquidity, corporate financing difficulties still exist. In the credit tightening credit market, bank tensions, enterprise financing difficult background, to study the factors that influence the enterprise bank loan in China, has a certain practical significance at present in our country. Study on the influence relationship perspective on bank loans, mostly from the length of the relationship between banks and enterprises, based on the asymmetric information theory and agency theory, study the effect of distance on the bank enterprise bank loan level effect. Banks and enterprises from reducing the degree of information asymmetry, the establishment of effective credit system the direction of the credit market credit tightening and solve the difficult problem of corporate finance to provide ideas. Firstly, from the analysis of information asymmetry and enterprise external environment two aspects The effect of distance on the bank loan mechanism, and puts forward two hypotheses, and then in 2015 China A stock market listed companies as research samples, based on asymmetric information theory and agency theory, through the multiple regression model, an empirical test of the relationship between bank and distance influence on the enterprise level. An empirical study on bank loans the results show that there is a significant negative relationship between the level of enterprise and bank and bank loans in the distance. The level of regional financial development provinces, bank and bank loans to enterprises from the level of negative effect is reduced. The farther the distance is, the lower the level of corporate bank loans, which shows the distance hindered the spread and the exchange of enterprise information related to a certain extent, also increased the cost of information collection and bank supervision cost to a certain extent, thereby affecting the company's bank loans. The level of regional financial development weakens the bank distance decreasing loan level, which shows that the level of regional financial development, the flow of information more efficient and transparent, greatly reduce the degree of information asymmetry, weaken the influence of bank enterprise distance on bank loans, bank loans to improve the enterprise's level. According to the research results, put forward to promote banking the further development of the corresponding policy recommendations. On the one hand, banks should pay attention to the soft information, the establishment of effective collection channels, active effectively collect soft information, reduce information asymmetry, improve the quality of loan business. The bank can establish channels through the Internet information technology, and maintain the smooth flow of information communication channels and enterprise. On the other hand, the government should introduce relevant policies, vigorously develop the regional financial industry, and strive to improve the level of the rule of law area, establish an effective credit system of creditor's rights To provide effective protection, so as to improve the regional competition level of banking industry, improve the enterprise loan level effect. The innovation of this paper mainly reflected in the following two points: first, in the variable, the existing research on bank distance is described by alternative variables or more macroscopic description, this paper attempts to use the physical data to be more objective direct result. In describing the physical distance between the bank and two party, many foreign literature was used as a proxy for the bank and the two sides of the headquarters of its location, the bank branches and subsidiaries to describe the specific location of the distance. Second, combining with the status quo of different provinces economic and financial development level of China's large the development of the financial industry, the level of infrastructure, the level of the rule of law and different levels of impact on bank loans to some extent. This paper introduces the regional market level variables, The research and analysis of the different regional development level has an inhibitory effect on the extent of the impact of the distance between banks and enterprises.

【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4;F275

【参考文献】