银企共同持股与贷款公告市场反应  

Bank-enterprise Common Ownership and Market Reactions to Loan Announcements

作　　者：黄亚光 许坤[2] Huang Yaguang;Xu Kun

机构地区：[1]西南财经大学金融学院,四川成都611130 [2]西南财经大学中国金融研究中心,四川成都611130

出　　处：《西南金融》2022年第2期54-66,共13页Southwest Finance

摘　　要：本文对共同持股以及贷款公告市场反应的相关文献进行了梳理,并使用我国2017和2018年上市公司854笔贷款公告数据,其中542笔为存在银企共同持股的实验组公司,312笔为非银企共同持股的对照组公司,使用事件研究法实证分析了银企共同持股的公司贷款公告的市场反应,即存在银企共同持股的贷款公告对上市公司异常收益率的影响。研究结果表明:第一,在我国股票市场中,贷款公告会导致上市公司在事件窗口期产生显著为正的异常回报率,研究发现与国际主流观点一致,说明我国资本市场治理能力和治理体系提升显著;第二,银企共同持股的贷款公告市场反应显著为正,公司存在银企共同持股时,贷款公告事件存在公告日之前的超额收益,可能存在相关信息被提前泄露的情况。This paper sorts out the relevant literature on joint shareholding and loan announcement market re⁃sponse,and uses the data of 854 loan announcements of listed companies in China in 2017 and 2018.Among them,542 are the experimental group companies with bank-enterprise common ownership,and 312 are control group companies without bank-enterprise common ownership.Using the event study method,this paper empirical⁃ly analyzes the market reaction of loan announcements of companies with bank-enterprise common ownership,that is,the impact of loan announcements on abnormal returns of listed companies.The research results show that:first,in China's stock market,loan announcements will lead to significantly positive abnormal returns for listed companies during the event window period.The research findings are consistent with the international mainstream views,indicating that China's capital market governance capacity and governance system have significantly im⁃proved;second,the market response to loan announcements of companies with bank-enterprise common owner⁃ship is significantly positive.When the company has common ownership between banks and enterprises,the loan announcement event has excess returns before the announcement date,and relevant information may be leaked in advance.

关 键 词：银企共同持股 银企关系 贷款公告 异常收益率 资本市场 机构投资者 内幕交易 信息不对称 

分 类 号：F830[经济管理—金融学]