股权关联影响了企业间信贷价格吗——基于我国上市公司委托贷款数据的经验分析  

The Effects of Equity Connection on the Price of Credit between Enterprises:An Empirical Study Using Entrusted Loan Data from Listed Companies in China

作　　者：钱雪松[1] 袁梦婷[1] 孔东民[1] 

机构地区：[1]华中科技大学经济学院,湖北武汉430074

出　　处：《金融研究》2013年第9期165-179,共15页Journal of Financial Research

基　　金：国家自然科学基金项目“基于融资歧视和内部人控制的企业内外部资本配置研究”(71003035);国家自然科学基金项目(71173078);中央高校基本科研业务费(HUST:2010AW024)的资助

摘　　要：本文以我国2004-2012年上市公司公告的委托贷款样本为研究对象,实证考察了股权关联对企业间信贷价格的影响。研究发现,75.6%的委托贷款交易双方存在股权关联,股权关联显著地降低了委托贷款利率,进一步的分析揭示出,股权关联不仅缓解了金融市场条件趋紧背景下的信贷价格上升势头,同时也使委托贷款利率未能充分反映出高风险关联借款者的风险状况。本文证据还表明,与关联委托贷款交易相比,非关联委托贷款利率对金融市场条件的反映不灵敏,且未能充分反映借款者的风险因素,这扭曲了信贷定价机制,可能加剧金融风险。Using a sample of entrusted loans of listed companies between 2004 and 2012, this paper empirically analyzes the effects of equity connection on the price of credit between enterprises. It is found that 75.6% of entrusted loans happened between enterprises which have equity connection and that equity connection decreases interest rate of entrusted loans. Further analyzes shows that two channels work. Additional evidence finds that entrusted loans between enterprises behave differently. The interest rate between enterprises which have no eq- uity connection distorts the pricing mechanism of loan.

关 键 词：股权关联 委托贷款 利率 抵押 

分 类 号：F832.51[经济管理—金融学] F832.4F224