我国上市公司委托贷款规模的影响因素研究

发布时间：2017-12-30 18:14

本文关键词：我国上市公司委托贷款规模的影响因素研究　出处：《兰州大学》2013年硕士论文　论文类型：学位论文

【摘要】：证券市场经过二十余年的发展完善,资源配置功能明显加强,金融创新不断、投资品种大幅增长,上市公司委托贷款业务就是其中之一。在从紧的货币政策和金融危机的影响下,沉寂一时的委托贷款业务改头换面,借机在上市公司中找到了发展之地,并以极快的速度蔓延开来,在学术界和实务界中引起了轩然大波。顿时,上市公司委托贷款成为“众矢之的”,引起了社会各界的广泛关注。上市公司大规模的委托贷款现象关系到证券市场的资源配置功效、上市公司的健康发展以及社会融资成本的稳定等一系列问题。因此研究上市公司委托贷款的行为特征以及委托贷款规模的影响因素,对于维护证券市场的稳定和保护广大投资者的利益是很有必要的。本文对上市公司委托贷款的现状、本质属性、所处的市场环境和法律环境以及存在的风险等进行了全面系统的分析,并以委托代理理论、自由现金流理论等理论作为研究基础,运用数理统计的方法以2007年至2011年发放过委托贷款的上市公司为样本进行了实证研究。通过研究可以得出以下结论：(1)上市公司进行委托贷款业务与委托贷款利率呈比较明显的正相关关系。利率偏高时上市公司更倾向发放贷款。(2)上市公司委托贷款可能性与自由现金流和负债均成反向变动关系。从侧面表明上市公司委托贷款的资金来源很大可能是股权融资。(3)主营业务较差的上市公司为了粉饰业绩倾向于委托贷款。上市公司尤其是近期进行过股权融资的上市公司,还有其他手段进行盈余管理。(4)股权结构对内源融资的上市公司委托贷款规模有比较显著的影响。股权相对集中可有效监督管理层,保护股东利益。本文的实证研究结果表明,上市公司大规模的委托贷款现象主要源于上市公司的“圈钱”行为和“粉饰”业绩行为,且不同资金来源下动机有所不同。上市公司将股权融集的资金用在委托贷款业务中,会导致公司的资金利用率下降和主营业务失去竞争力等问题。但是对上市公司委托贷款业务全盘否定、因噎废食的做法也有欠妥当,应当在肯定的同时加以约束和规范。本文从立法和监管两个层面上对上市公司委托贷款提出了相关建议,以促进委托贷款业务的规范和完善。
[Abstract]:The stock market after twenty years of development, improve the function of resource allocation significantly strengthened, financial innovation, investment growth, listed companies entrusted loans business is one of them. The effect of monetary policy and the financial crisis tight under the entrusted loan business, a moment of silence to find the development make only superficial changes, the land in the listed companies. And in order to speed the spread, caused a great disturbance in the academic circles and practical circles. Suddenly, the listed company entrusted loans become a target for all ", has aroused wide concern from all walks of life. The phenomenon of large-scale listed companies entrusted loans related to the stock market resource allocation efficiency, a series of problems of listed companies and the healthy development of the cost of financing the social stability. So the research on behavior characteristics of entrusted loans of listed companies as well as influence factors on the scale of loans. It is necessary to maintain the stability of the securities market and to protect the interests of the investors.
In this paper, the status quo, the listed companies entrusted loans nature of the market environment and legal environment and risks are analyzed systematically, and based on the principal-agent theory, free cash flow theory as the research foundation, by using mathematical statistics issued from 2007 to 2011 entrusted loans listed the company as samples to carry out empirical research. Through the research we can draw the following conclusions: (1) positive correlation between listed companies entrusted loans and entrusted loans interest rate is more obvious. The higher interest rates when the listed companies prefer loans. (2) listed companies entrusted loans and the possibility of free cash flow and debt have reverse change. From the side that listed companies entrusted loan funds may be equity financing. (3) the main business of the listed companies of the poor in order to whitewash Performance Tendency In the entrusted loans. The listed companies especially the recent equity financing of listed companies, and other means of earnings management. (4) the equity structure of listed companies on the endogenous financing trust has more significant effect. The size of the loan is relatively concentrated can effectively monitor the management equity, protection of the interests of shareholders.
The empirical results show that large-scale listed companies entrusted loans phenomenon mainly comes from the listed companies "shareholders" and "whitewash" performance behavior, and different sources of funds under different motives. Listed companies will set the equity financing funds used in entrusted loan business, will lead to decreased and the main problems the business lost competitiveness using the company's funds. But the listed companies entrusted loans business negated, Yinyefeishi practices are not appropriate, should be restricted and regulated in the affirmative at the same time. This article puts forward some suggestions for the listed companies entrusted loans from the two aspects of legislation and supervision, to promote and perfect the entrusted loan business specification.

【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.6;F832.51;F224

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