信贷供给、财务柔性价值与所有制歧视  

Credit Supply,the Value of Financial Flexibility and Ownership Discrimination

作　　者：顾研[1] GU Yan(School of Economics, Fudan University, Shanghai 20043)

机构地区：[1]复旦大学经济学院,上海200433

出　　处：《财贸研究》2016年第5期125-135,共11页Finance and Trade Research

摘　　要：以2001—2014年我国A股上市公司为样本,研究信贷供给通过财务柔性价值对企业绩效产生的影响,以及考虑财务柔性价值的信贷所有制歧视问题。结果发现:信贷供给对业绩的作用受财务柔性价值的影响,企业的财务柔性价值越高,信贷供给对业绩的作用越显著;对于财务柔性价值最高的企业,确实存在信贷所有制歧视问题,即同等财务柔性价值下,信贷对国有企业业绩的作用更显著,而信贷对业绩的作用在规模上无差异。Based on a sample of Chinese listed companies from 2001 to 2014,the paper investigates the impact of credit supply on firm ＇s performance through the value of financial flexibility and the problem of ownership discrimination considering the value of financial flexibility. The research indicates that the value of financial flexibility has impacts on the effect of credit supply on firm ＇ s performance. The larger the value of financial flexibility is,the greater the impacts are. The ownership discrimination in all probability may exist in the firms which have larger value of financial flexibility than other groups,which means that on the same level of value of financial flexibility,the impact of credit supply on firm ＇s performance is greater on state- owned enterprises,but there are no difference among firms with different sizes.

关 键 词：信贷供给 财务柔性价值 所有制歧视 禀赋差异 

分 类 号：F275[经济管理—企业管理]