金融发展、银企关系与企业债务期限结构  

Financial Development,Banks and Enterprises Relationships and Debt Maturity Structure

作　　者：秦社华[1,2] 汤颖梅[2] 

机构地区：[1]南京工业职业技术学院经济管理学院,江苏南京210023 [2]南京农业大学金融学院,江苏南京210095

出　　处：《常州大学学报（社会科学版）》2014年第5期39-43,共5页Journal of Changzhou University:Social Science Edition

基　　金：教育部人文社会科学研究规划基金项目(09YJC630121);教育部人文社会科学研究青年基金项目(11YJC790163);江苏省教育厅高校哲学社会科学基金指导项目(2013SJB790030)

摘　　要：由于历史与现实的原因,我国不同地区金融市场的发育程度存在较大差异,在金融市场欠发达地区,商业银行在信贷资金分配时,除了关注企业的资产与抵押品状况,"银企关系"也成为影响企业获得信贷资金、安排债务结构的主要因素。以2004—2011年中国沪深两市所有非金融类A股上市公司为样本,对金融发展水平、银企关系与企业债务期限结构之间的关系进行实证检验,研究结果表明:金融发展水平与长期债务比例呈负相关关系;银企关系与长期债务比例呈正相关关系,关系可以打破原有的融资约束,为企业带来更多的长期贷款资源;金融市场发展削弱了银企关系的作用,使企业通过正常的途径获得需要的贷款。Due to historical and practical reasons,there is a big difference among financial market development level in different regions of China.In the underdeveloped areas,while commercial banks allocating credit funds, their concerns are not only corporate assets and collateral status,but also banks and enterprises relationships which will influence enterprise access to credit funds,arrangement of the main factors of debt structure.In this paper,an empirical demonstration on the relationship between finance development,banks and enterprises relationships and Debt maturity structure were conducted based on all the non-financial stock A companies in Shanghai and Shenz-hen stock market between 2004 and 2011.Results showed that：finance development was negatively correlated with the funded debt;banks and enterprises relationships was positively correlated with the funded debt,the relation could break the original financing constraints and bring more long-term loan sources for the emprises;the develop-ment of financial market weakened the effect of banks and enterprises relationships and the enterprises could obtain loans they need in regular ways.

关 键 词：金融发展 银企关系 债务期限结构 

分 类 号：F276.6[经济管理—企业管理]