债务融资成本与民营信贷歧视  

Debt Financing Cost and Credit Discrimination on Private Listed Firms

作　　者：李广子[1] 刘力[1] 

机构地区：[1]北京大学光华管理学院,北京100871

出　　处：《金融研究》2009年第12期137-150,共14页Journal of Financial Research

基　　金：国家社科基金项目"地区金融环境差异与企业投融资研究"(项目批准号06BJY114)的成果之一

摘　　要：本文以民营上市公司为样本,从债务融资成本的角度研究了民营企业信贷歧视问题。本文发现,上市公司在被民营化后债务融资成本增大了;在横截面上,民营上市公司与非民营上市公司相比承担了更高的债务融资成本,这种差异在经济意义上也是重要的;在时间趋势上,民营公司信贷歧视在样本期间内并没有随着时间的推移得到明显改善。Based on the sample of listed private finns, this paper investigates credit discrimination on private firms from the debt financing cost aspect. This paper finds that the debt financing cost of listed firms increases after their privatizations. Cross-sectional data shows that private listed firms have to bear much higher debt financing cost compared with non-private listed firms. The differences also have economic significance. Besides, there is not any tendency that credit discrimination on private firms has mitigated in recent years.

关 键 词：民营 民营化 债务融资成本 信贷歧视 

分 类 号：F275[经济管理—企业管理] F832.4[经济管理—国民经济]