【摘要】：我國金融業(yè)的改革在經(jīng)歷了三十多年的風風雨雨后已取得了令人矚目的成績，然而，，我國各地區(qū)的金融發(fā)展水平卻由于國家政策扶持力度、資源稟賦等因素呈現(xiàn)出較大的差異，這使得不同地區(qū)的民營企業(yè)在外部融資時面臨著截然不同的融資環(huán)境。一旦身處不利于自身發(fā)展的融資環(huán)境時，民營企業(yè)通常會尋求一些非正式的替代機制以克服因外部環(huán)境不健全給其帶來的阻礙，近年來，在現(xiàn)代經(jīng)濟社會關(guān)系中占據(jù)重要地位的銀行關(guān)聯(lián)逐漸成為民營企業(yè)的新寵。那么銀行關(guān)聯(lián)對其負債融資到底有哪些影響？這些影響又會受到哪些外部因素制約呢？ 本文以2010-2012年在A股上市的民營企業(yè)作為研究樣本，分析了金融發(fā)展水平對民營企業(yè)債務(wù)融資的影響，討論了當金融發(fā)展水平限制了企業(yè)的債務(wù)融資進而影響其發(fā)展時，企業(yè)所尋求的替代機制給其帶來的貸款效應(yīng)。結(jié)果表明，金融發(fā)展水平確實會影響民營企業(yè)的債務(wù)融資，同時銀行關(guān)聯(lián)也能夠給民營企業(yè)帶來一定的貸款效應(yīng)。在此基礎(chǔ)上，進一步確認在金融發(fā)展水平相對較低的地區(qū)，銀行關(guān)聯(lián)給民營企業(yè)帶來的貸款效應(yīng)更為顯著。 雖然銀行關(guān)聯(lián)這一非正式制度能夠有效緩解民營企業(yè)因正式制度欠缺而面臨的融資約束，但要從根本上改善民營企業(yè)的債務(wù)融資現(xiàn)狀，關(guān)鍵還在于完善民營企業(yè)公平競爭的制度機制，進一步深化金融體制改革，加快落后地區(qū)金融市場化的進程，以盡快為民營企業(yè)打造一個健康有序平等的融資通道。
[Abstract]:The reform of our financial industry has made remarkable achievements after more than 30 years of ups and downs. However, the level of financial development in various regions of our country has shown great differences due to the strength of state policy support, resource endowment and other factors. This makes the private enterprises in different regions in the external financing facing a completely different financing environment. Once they are in a financing environment that is not conducive to their own development, private enterprises usually seek informal alternative mechanisms to overcome the obstacles caused by the imperfect external environment. Bank association, which occupies an important position in modern economic and social relations, has gradually become the new favorite of private enterprises. So what is the impact of bank association on debt financing? What external factors will restrict these effects? This paper analyzes the influence of financial development level on debt financing of private enterprises by using private enterprises listed in A shares from 2010-2012 as a research sample, and discusses when the level of financial development restricts debt financing of enterprises and then affects their development. The loan effect of the alternative mechanism that the enterprise seeks to bring to it. The results show that the level of financial development does affect the debt financing of private enterprises, and the bank association can also bring a certain loan effect to private enterprises. On this basis, it is further confirmed that in the regions with relatively low financial development level, the loan effect brought by bank association to private enterprises is more significant. Although the informal institution of bank association can effectively alleviate the financing constraints faced by private enterprises due to the lack of formal system, it is necessary to fundamentally improve the current situation of debt financing of private enterprises. The key lies in perfecting the institutional mechanism of fair competition of private enterprises, further deepening the reform of financial system, speeding up the process of financial marketization in backward areas, and creating a healthy, orderly and equal financing channel for private enterprises as soon as possible.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.4;F276.5

【參考文獻】

相關(guān)期刊論文 前10條

1 何韌;;銀企關(guān)系與銀行貸款定價的實證研究[J];財經(jīng)論叢;2010年01期

2 陳鍵;;銀企關(guān)系與信貸可獲得性、貸款成本——基于2003年NSSBF調(diào)查的實證分析[J];財貿(mào)經(jīng)濟;2008年01期

3 唐建新;陳冬;;金融發(fā)展與融資約束——來自中小企業(yè)板的證據(jù)[J];財貿(mào)經(jīng)濟;2009年05期

4 余津津;現(xiàn)代西方聲譽理論述評[J];當代財經(jīng);2003年11期

5 余明桂;潘紅波;;政治關(guān)系、制度環(huán)境與民營企業(yè)銀行貸款[J];管理世界;2008年08期

6 羅黨論;劉曉龍;;政治關(guān)系、進入壁壘與企業(yè)績效——來自中國民營上市公司的經(jīng)驗證據(jù)[J];管理世界;2009年05期

7 劉少杰;以行動與結(jié)構(gòu)互動為基礎(chǔ)的社會資本研究——評林南社會資本理論的方法原則和理論視野[J];國外社會科學(xué);2004年02期

8 潘克勤;;法制環(huán)境及金融發(fā)展、企業(yè)的金融機構(gòu)背景與融資約束——中國民營上市公司的經(jīng)驗證據(jù)[J];經(jīng)濟經(jīng)緯;2011年01期

9 唐建新;盧劍龍;余明桂;;銀行關(guān)系、政治聯(lián)系與民營企業(yè)貸款——來自中國民營上市公司的經(jīng)驗證據(jù)[J];經(jīng)濟評論;2011年03期

10 曹敏,何佳,潘啟良;金融中介及關(guān)系銀行——基于廣東外資企業(yè)銀行融資數(shù)據(jù)的研究[J];經(jīng)濟研究;2003年03期

本文編號：2324636