我国商业银行信贷敞口与企业短期债务的关系研究——基于信贷周期波动的视角  

Credit Exposure of Commercial Banks and Short-Term Corporate Debt in China—Based on the View of Credit Cycle Fluctuations

作　　者：金成晓[1] 于家齐 Jin Chengxiao;Yu Jiaqi(Center for Quantitative Economics,Jilin University,Changchun 130012,China;School of Business and Management,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学数量经济研究中心,吉林长春130012 [2]吉林大学商学与管理学院,吉林长春130012

出　　处：《数量经济研究》2022年第1期34-53,共20页The Journal of Quantitative Economics

基　　金：国家自然科学基金项目“中国金融周期的波动特征、形成机理及其与经济周期的动态关联机制研究”(71873056);教育部重点研究基地重大项目“‘十三五’期间中国增长型经济波动态势与宏观调控模式研究”(16JJD790014);教育部规划基金项目“基于状态识别与工具协调的货币政策与宏观审慎政策双支柱调控框架研究”(19YJA790036)的联合资助。

摘　　要：通过整理2008~2017年我国按核心一级净资产排名前30的商业银行的信贷敞口以及除ST公司和金融业以外的中国沪深A股上市公司数据,探究银行信贷敞口对不同类型贷款企业债务结构和偿付能力的影响效应,结果表明:首先,总体上若银行扩大信贷敞口,上市公司倾向于在规避短期财务风险的同时,降低用于偿还短期债务的现金比率;其次,研发费用比例较高的科技型公司在银行放宽信贷时,会提高公司的债务偿付能力;最后,我们发现在信贷繁荣时期,研发费用比例较高的公司在银行扩大信贷敞口时,将采用较为激进的债务决策,同时提高偿付能力来应对衰退时期可能出现的各种意外破产风险,而国有控股公司面临机遇时相对保守一些,在信贷衰退时期,两种公司均会通过降低短期负债比率或提高偿付能力来规避财务风险。该结论对我国商业银行改善信贷行为与提高信贷效率具有借鉴意义。This paper examines the data of China’s top 30 commercial banks in terms of core net assets and the data of China’s A-share listed companies in Shanghai and Shenzhen from 2008 to 2017.We explore the effects of bank credit exposure on the debt structure and solvency of lending firms.The results show that firstly,if the bank expands the credit exposure,the listed company tends to reduce the financial risk and reduce the cash liquidity used to repay the loan.Secondly,we find that when facing the bank’s credit easing policy,the technology companies with a high R&D expense will improve the company’s debt solvency.Finally,during the credit boom,a higher R&D company in the face of the bank to expand credit exposure,will adopt a more radical debt decision,at the same time improve the solvency to cope with all kinds of unexpected bankruptcy risk.While,the state-owned holding company relatively conservative when facing the opportunities in the credit downturn,research and development of enterprises and state-owned enterprises will reduce short-term borrowing rate and improve the solvency.The results are useful for improving the credit behavior and credit efficiency of China’s commercial banks.

关 键 词：商业银行 债务结构 信贷敞口 信贷周期 

分 类 号：F832.33[经济管理—金融学]