国有企业委托贷款结构优化:非国有股东治理视角  

Optimization of State-Owned Enterprises'Entrusted Loan Structure:From the Perspective of Non-State-Owned Shareholders'Governance

作　　者：江沐子 逯东[1] Jiang Muzi;Lu Dong

机构地区：[1]西南财经大学会计学院

出　　处：《财经科学》2024年第10期101-117,共17页Finance & Economics

基　　金：国家自然科学基金面上项目“高管激励、内部团队培养与企业创新研究”(71972157)的资助。

摘　　要：增强金融服务实体经济的职能、防范化解金融风险,是当前中国金融供给侧结构性改革的重要任务。本文利用手工搜集的独特数据,将国有企业的委托贷款类型细分为低息帮扶型、供应链合作型、高息投机型,考察非国有股东治理对其委托贷款行为的影响。研究发现:非国有股东治理促进了国有企业委托贷款的结构优化。基于贷款类型,非国有股东治理增强了委托贷款交易的收益性,弱化其帮扶性;基于贷款规模,非国有股东治理提升了稳健性委托贷款规模,降低了风险性委托贷款规模。机制检验表明,非国有股东通过效率促进、资源支持和内部控制,实现了对不同类型委托贷款行为的分类治理。此外,非国有股东治理显著改善了国有企业借贷契约的执行环境。最终,委托贷款的结构优化有助于提升国有企业的产业链整合水平。本文为如何对国有企业委托贷款行为进行分类施策和有序压降提供一定的经验依据。Enhancing financial services to the real economy and mitigating financial risks are pivotal objectives in China's current financial supply-side structural reforms.This study leverages unique manually collected data to categorize state-owned enterprises'entrusted loan activities into three types:low-interest assistance loans,supply chain cooperation loans,and high-interest speculative loans.It investigates the impact of non-state-owned shareholders'governance on these entrusted loan behaviors.The findings indicate that non-state-owned shareholders'governance has facilitated the structural optimization of entrusted loan.Specifically,with respect to loan types,such governance has improved the profitability of entrusted loans while diminishing their assistance function.Regarding loan scales,non-state-owned shareholders'governance has increased the scale of prudent entrusted loans and reduced the scale of risky entrusted loans.Mechanism testing reveals that non-state-owned shareholders achieve classified governance of different entrusted loan types through efficiency enhancement,resource support,and internal control.Furthermore,this governance approach significantly improves the contractual execution environment for borrowing in state-owned enterprises.Ultimately,the optimization of entrusted loan structure contributes to the enhanced integration of the industrial chain within state-owned enterprises.These findings provide valuable empirical evidence for categorizing and systematically reducing entrusted loan behavior in stateowned enterprises.

关 键 词：非国有股东治理 国有企业 委托贷款 结构优化 

分 类 号：F275[经济管理—企业管理]