银行债权的公司治理效应研究——基于广东上市公司的实证分析  

Study on the Effects of Corporate Governance Introduced by Banks as Creditors:An Empirical Analysis Based on the Listed Companies in Guangdong

作　　者：王满四[1] 邵国良[2] 

机构地区：[1]广州大学商学院,510006 [2]广州市教育局高教处,510030

出　　处：《会计研究》2012年第11期49-56,95,共8页Accounting Research

基　　金：广东省哲学社会科学规划项目(项目编号:07GE08);教育部人文社科规划项目(项目编号:10YJA7901871);广州大学重大重点培育项目(广州大学-美华学社跨学科研究中心)

摘　　要：本文以市场化程度较高地区广东的企业为样本,以相对较长时期的数据为证据,将银行债权细化为短期债权和长期债权,将上市公司细分为民营公司与国有公司,对银行债权的公司治理效应展开实证研究。研究进一步证明,我国银行债权在公司治理中的独特优势没有得到发挥,近年来银行对企业的财务约束虽然在不断加强,但财务约束仍只是简单的约束机制,可能进一步加剧企业融资难问题,并不能真正实现银企双赢。研究还得到了一些新的发现:银行债权对国有公司存在"财务软约束",而对民营公司则存在"市场软约束";在金融危机爆发时,银行债权对民营公司表现出更为有利的公司治理效应,而对国有公司却相反。Taking the listed companies in the more market-oriented areas,Guangdong,as samples,which relatively long period of data are used as evidences,and grouping the bank debts as short-term debts and long-term debts,the listed companies as private and state-owned ones.Studies have shown that banks still has not been exploited the unique advantages in corporate governance,and though in recent years,banks continue to strengthen their financial constraints to companies,however,financial constraints are still just a simple mechanism,which might further exacerbate the problem of corporate finance,and banks and enterprises cannot truly win-win.Some new discoveries also has been gotten in the research,those especially such as Bank debt's soft constraints in state-owned companies' financial value and in private companies' market value,and when the outbreak of the financial crisis,the bank debt showed a more favorable effect of corporate governance on the private company,but the opposite of which on the state-owned companies.

关 键 词：银行债权 公司治理效应 广东上市公司 

分 类 号：F276.6[经济管理—企业管理] F832.51[经济管理—国民经济] F224