债权人监督：贷款政策与企业财务状况——来自上市公司的一项经验研究  

On the Creditor's Supervision:Loan Decision and Financial Condition of Debtor

作　　者：胡奕明[1] 周伟[1] 

机构地区：[1]上海交通大学安泰管理学院上海财经大学,上海200052

出　　处：《金融研究》2006年第4期49-60,共12页Journal of Financial Research

摘　　要：为观察我国银行对借款企业是否具有监督作用,我们利用上市公司年报披露的银行贷款数据,分析了银行贷款政策(贷款数量、期限与保证方式)与企业财务状况之间的关系,发现两者之间存在一定联系,但不是很明确。两者之间要么不相关,要么相关但不合理,相关又合理的财务指标总体上偏少。也就是说,银行通过某些贷款政策的改变来传导监督压力,其效力是有限的。此外,我们还发现,贷款政策与一些非财务指标之间存在合理相关关系,说明银行在贷款政策制定中对非财务指标给予了一定的重视。Based on the public disclosed data in the annual reports of listed companies, this paper examines whether the banks have the monitoring effect on the borrowing finns and the relation between the bank loan decision （ amount, term and security） and the financial situation of the borrowing firms. We find that some of the financial variables are insignificant with the loan decisions; some are significant but unreasonable, only a few are both significant and reasonable. This result shows the pressure from the banks could not be well transmitted to the borrowing firms by changing the loan policy so that the monitoring effect of the banks is limited. However, some non-financial variables have significant and reasonable relation with the financial situation of the borrowing finns, which implies that they are applied in loan decision making.

关 键 词：公司治理 银行监督 贷款政策 财务信息 

分 类 号：F832.4[经济管理—金融学]