商业银行持股与信贷配置效率  

The Commercial Banks' Shareholding and the Efficiency of Credit Allocation

作　　者：李志军[1,2] 王善平[1,3] 

机构地区：[1]湖南大学,湖南长沙410082 [2]湖南工业大学,湖南长沙410082 [3]湖南师范大学,湖南长沙410082

出　　处：《上海金融》2012年第6期21-24,116,共4页Shanghai Finance

基　　金：国家社科基金(08BJY025);教育部新世纪优秀人才支持计划项目(NCET-06-0703);湖南省软科学项目(2008ZK3095)的阶段性研究成果;自然基金项目(70372040)的后续研究成果

摘　　要：银企关系是影响公司债务融资以及债务融资治理作用的重要因素。本文以1999-2008年A股公司为样本,实证检验了银行持股是否影响公司投资行为与公司债务融资之间的关系,发现:在债务融资与投资效率的敏感度上,银行持股公司高于非银行持股公司;银行持股公司的银行债务对投资行为的治理效应比非银行持股公司更为明显。结果表明,银行持股提高了信贷配置效率,并改善了债务的投资治理效应。Bank-enterprise relationship is an important factor to affect the corporate debt financing and the governance of debt financing. Based on the sample of A-share listed companies from 1999 to 2008, this paper empirically examines whether bank shareholding will impact the relation between corporate investment and corporate debt financing. It's found that compared with non-bank shareholding companies, bank shareholding ones have higher sensitivity on debt financing and investment efficiency while the debt governance on investment behavior of bank shareholding companies is more significant. The results imply that the bank shareholding improves credit allocation efficiency and enhances the debt governance.

关 键 词：银行持股 投资效率 债务融资 债务治理 

分 类 号：E52[军事—军事理论] E42