公司如何获得银行授信——基于公司财务和公司治理的视角  

How Do Companies Obtain the Bank Credit——Based on the Perspectives of Corporate Finance and Corporate Governance

作　　者：林炳华[1] 陈琳[2] 

机构地区：[1]福州大学经济与管理学院,福建福州350005 [2]兴业银行福建宁德分行,福建宁德355000

出　　处：《经济管理》2015年第10期136-145,共10页Business and Management Journal ( BMJ )

摘　　要：当前,在公司的融资渠道中,银行融资仍占据主导地位。银行授信与公司哪些因素密切相关?如何更有效地获得银行授信?对大多数公司而言,意义重大。本文基于公司财务和公司治理的视角,选取2006—2012年615家上市公司的样本数据,实证分析了公司获得银行授信的相关因素。结果表明,公司获得银行授信具有一定的内生性,规模越大、流动性越好、流动性风险越低、独立董事比例越高、投资评级越高的公司更易获得银行授信;而股权集中度和管理层持股比例与公司能否获得银行授信存在非线性关系。Currently, bank financing dominates in the Company＇s Financig Market and bank credit is more widely used in listed companies. As for companies, bank credit is an important source of financing, to solve financial difficulties and to facilitate the company＇s liquidity management. As for banks, bank credit is an important kind of business credit, which is beneficial to improve the bank＇s capital utilization efficiency and is effective to control credit risk. However, based on higher bank reserve requirements and limited liquidity regulatory policy in our country, banks as the supply side of credit line, are more cautious about risk assessment and the approval of companies＇ credit business. As the demand side, only a small part of companies are qualified to obtain credit line, and listed companies are still at a low level in using credit line in China. These suggest that bank credit remains a scarce financial resource for most companies. Currently, most domestic and foreign scholars study credit business from the bank＇s perspective, while the literatures are less from the practical significance to study what kind of companies are available company＇s perspective. Thence, it is of great to this scare resource based on bank credit de- mand side. What factors of company is closely related to the bank credit？ How to more effectively obtain bank credit？ For most companies, it is significant. Acharya, V.V. , et a1（2013） think that Firms with low liquidity risk are more likely to use credit lines rather than cash for liquidity management. Firms that face a high risk of facing credit line revocation （those with high liquidity risk） find it more costly to employ monitored liquidity insurance and switch to cash holdings. A natural determinant of firm is liquidity risk is the variability in firm cash flows. Yun （2007） finds that firms with lines of credit have smaller amount of cash divided by non-cash assets, comparing cash divided by non-cash assets of firms with and without lines of credit. This i

关 键 词：银行授信 公司流动性 股权集中度 Probit回归 

分 类 号：F830.5[经济管理—金融学]