本文關(guān)鍵詞：上市公司股權(quán)性質(zhì)、信貸歧視與公司業(yè)績(jī)的實(shí)證研究　出處：《北京工商大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 股權(quán)性質(zhì) 信貸歧視 債務(wù)融資成本 公司業(yè)績(jī)

【摘要】：改革開(kāi)放三十多年以來(lái)，我國(guó)民營(yíng)企業(yè)經(jīng)歷了一段快速的發(fā)展歷程，并成為了我國(guó)市場(chǎng)經(jīng)濟(jì)體制的重要組成部分。然而，與民營(yíng)企業(yè)迅猛發(fā)展形成鮮明對(duì)比的是其面臨的嚴(yán)重的融資約束。銀行貸款作為公司融資來(lái)源的主要組成部分之一，對(duì)企業(yè)發(fā)展來(lái)說(shuō)發(fā)揮著至關(guān)重要的作用。然而，從目前情況來(lái)看，相對(duì)于國(guó)有企業(yè)而言，民營(yíng)企業(yè)在銀行信貸方面受到了不公平的待遇，即民營(yíng)信貸歧視。 為了證明民營(yíng)信貸歧視的存在以及其對(duì)公司業(yè)績(jī)的影響，本文以2008年-2012年上證、深證A股上市公司為樣本，使用實(shí)證研究的方法，從債務(wù)融資成本的角度研究了股權(quán)性質(zhì)與上市公司信貸歧視問(wèn)題。本文發(fā)現(xiàn)，民營(yíng)上市公司相比國(guó)有上市公司面臨著更大的債務(wù)融資成本，但是國(guó)有企業(yè)中的地方政府、地方國(guó)資委以及地方國(guó)有企業(yè)控股的上市公司相對(duì)于中央一級(jí)控股的上市公司并沒(méi)有面臨明顯的信貸歧視。同時(shí)，相較于短期貸款，民營(yíng)上市公司在長(zhǎng)期貸款中所面臨的信貸歧視現(xiàn)象更加顯著，這一點(diǎn)更加凸顯了股權(quán)性質(zhì)對(duì)信貸配給的長(zhǎng)期性影響。最后，，本文通過(guò)實(shí)證研究發(fā)現(xiàn)信貸歧視與公司業(yè)績(jī)表現(xiàn)顯著負(fù)相關(guān)，得出信貸歧視對(duì)公司業(yè)績(jī)存在負(fù)面影響。 本文旨在更加具體、透徹地研究民營(yíng)企業(yè)的現(xiàn)實(shí)融資狀況，對(duì)于發(fā)現(xiàn)和解決金融體制中的結(jié)構(gòu)性矛盾、促進(jìn)民營(yíng)經(jīng)濟(jì)和社會(huì)主義市場(chǎng)經(jīng)濟(jì)的發(fā)展以及進(jìn)一步深化金融體制改革都具有重要的意義。
[Abstract]:Since thirty years of reform and opening up, China's private enterprises have experienced a period of rapid development, and has become an important part of China's market economy. However, with the rapid development of private enterprises in stark contrast to the serious financing constraints. Bank loans as the main part of the source of financing for companies. Play a vital role in the development of enterprises. However, from the current situation, compared to state-owned enterprises, private enterprises have been treated unfairly in terms of bank credit, namely private credit discrimination.
In order to prove the existence of private credit discrimination and its impact on the performance of the company, in 2008 -2012 Shanghai and Shenzhen A shares of listed companies as a sample, using the method of empirical research, from the perspective of the debt financing cost of listed companies ownership property and credit discrimination problem. We find that private listed companies compared to the state-owned listed companies faced with the debt financing cost more, but the state-owned enterprises in the local government, local SASAC and local state-owned holding listed companies compared to the central level holding companies did not face significant credit discrimination. At the same time, compared with short-term loans, the phenomenon of credit discrimination of private listed companies in the face of long-term loans more significantly, this point highlights the long-term influence of equity nature of credit rationing. Finally, the empirical research found that credit discrimination and The performance of the company has a significant negative correlation, and the credit discrimination has a negative impact on the company's performance.
The purpose of this paper is to further study the financing situation of private enterprises in a more specific and thorough way, which is significant for finding and solving structural contradictions in financial system, promoting the development of private economy and socialist market economy, and further deepening the reform of financial system.

【學(xué)位授予單位】：北京工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F276.6;F275;F832.4

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本文編號(hào)：1431988