企业生命周期、财务资助与银行贷款——基于A股民营上市公司的经验证据  

Firm Life-cycle、Financial Supporting from the Control Shareholders and Bank Loans——Empirical Evidence Base on A-share Private Public Firms in China

作　　者：谭燕[1] 蒋华林 吴静 施赟 Tan Yan

机构地区：[1]中山大学现代会计与财务研究中心/管理学院,510275 [2]广州大学经济与统计学院,510006 [3]广东财经大学会计学院,510320

出　　处：《会计研究》2018年第5期36-43,共8页Accounting Research

基　　金：国家自然科学基金项目(71572206;71272196);广东省人文社科重点研究基地重大项目(2012JDXM-0002)资助

摘　　要：本文以2007-2015年控股股东提供财务资助的沪深A股民营上市公司为研究对象,探讨了资金流向和利率水平管制对股东兼债权人治理功能的影响,及其在缓解融资约束中的作用。实证研究的结果表明,受管制的股东兼债权人治理的资源功能更可能向成长期以及从非成长期向成长期更替的企业倾斜;股东兼债权人治理的资源功能和监督功能使得财务资助与银行贷款具有互补效应,尤其是在企业成长期以及企业从非成长期向成长期更替阶段,控股股东提供的增量和存量财务资助均能有助于企业获得新增银行贷款。本文梳理了由监管规则诱导的控股股东提供财务资助的支持行为背后的逻辑机理,为财务资助的监管提供实证证据。Using the sample of Shanghai and Shenzhen A-share private public firms from the year 2007 to 2015, this paper studies the effects of regulations about interest rate and the fund flows of financial supporting from the control shareholders. The empirical results show that the control share- holders are more likely to provide financial supporting to the finns in growth period and the period from maturity and decline to growth of the firms ; The fi- nancial supporting from the control shareholders are positively correlated with bank loans, especially in growth period and the period from maturity and de- cline to growth of the firms. This paper not only analyzes the logic mechanism behind the behaviors of financial supporting from the control shareholders which are induced by the regulations, but also provides the empirical evidence for supervising the financial supporting.

关 键 词：企业生命周期 财务资助 股东兼债权人治理 资金流向和利率水平管制 银行贷款 

分 类 号：F275[经济管理—企业管理] F276.5[经济管理—国民经济] F832.51