本文關(guān)鍵詞： 抵押資產(chǎn) 政治關(guān)系 民營企業(yè) 銀行貸款融資 貨幣政策　出處：《廣東外語外貿(mào)大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

【摘要】：根據(jù)融資優(yōu)序理論,銀行貸款是企業(yè)外源融資的重要來源。特別是在我國以銀行為主導(dǎo)的金融體系中,銀行貸款同樣是我國企業(yè)對(duì)外融資最主要的途徑。然而,由于政府是我國國有銀行的最終控制者,對(duì)信貸資源配置具有較大的影響力,加之,我國信貸市場存在嚴(yán)重的信息不對(duì)稱、法律體系對(duì)金融債權(quán)的保護(hù)不夠完善,導(dǎo)致民營企業(yè)在借貸時(shí)往往會(huì)遭受所有制歧視。并且,這種長期以來一直存在的“歧視”無法立刻得到根本性的轉(zhuǎn)變。當(dāng)正式機(jī)制無法滿足民營企業(yè)對(duì)銀行貸款的需求時(shí),民營企業(yè)開始轉(zhuǎn)向一些替代性的非正式機(jī)制來滿足自己對(duì)資金的需求,其中通過參選人大代表或政協(xié)委員等途徑與政府建立密切的聯(lián)系就是一種非常重要并且有效的途徑。國內(nèi)的大多數(shù)研究均已表明,在我國處于經(jīng)濟(jì)轉(zhuǎn)型期的特殊背景下,政治關(guān)系能夠作為民營企業(yè)克服市場制度缺陷的一種非正式替代機(jī)制,緩解其受到的融資約束(余明桂、潘紅波,2008;羅黨論、甄麗明,2008)。然而,造成民營企業(yè)面臨更為嚴(yán)重的融資約束的原因,除了金融制度的不完善之外,也有企業(yè)自身的問題�，F(xiàn)階段,抵押作為商業(yè)銀行重要的信用風(fēng)險(xiǎn)緩釋技術(shù)之一,在實(shí)際貸款合同中已被廣泛使用。大多數(shù)民營企業(yè),由于自身特有的性質(zhì)使其面臨的經(jīng)營風(fēng)險(xiǎn)更大,導(dǎo)致其破產(chǎn)違約的機(jī)率更高。當(dāng)銀行向民營企業(yè)發(fā)放貸款時(shí),出于對(duì)自身利益的保護(hù),往往會(huì)規(guī)定更多也更苛刻的約束條款,要求民營企業(yè)提供更多的抵押資產(chǎn)作為抵押擔(dān)保。而當(dāng)民營企業(yè)缺少可供抵押的資產(chǎn),其獲取銀行貸款的難度會(huì)更大,面臨的融資約束會(huì)更高,嚴(yán)重阻礙了民營企業(yè)的發(fā)展。研究也表明,受到融資約束的企業(yè),抵押資產(chǎn)能夠有效降低違約風(fēng)險(xiǎn),提高企業(yè)的貸款融資能力。因此,抵押資產(chǎn)作為一種外部保證機(jī)制,同樣可以緩減銀企之間的信息不對(duì)稱程度和融資約束,可抵押資產(chǎn)的多寡也成為提高企業(yè)貸款融資能力的關(guān)鍵(李青原、王建紅,2013)。本文以2006—2013年在滬深主板上市的民營企業(yè)為樣本,實(shí)證檢驗(yàn)了可抵押資產(chǎn)和政治關(guān)系對(duì)民營企業(yè)銀行貸款能力的影響,并進(jìn)一步探討了可抵押資產(chǎn)與政治關(guān)系之間的關(guān)系。另外,結(jié)合宏觀經(jīng)濟(jì)政策研究企業(yè)微觀行為是目前我國學(xué)術(shù)界研究的新領(lǐng)域,本文也將嘗試著結(jié)合貨幣政策,探討企業(yè)的微觀融資行為如何受到國家貨幣政策的影響。通過研究發(fā)現(xiàn):(1)可抵押資產(chǎn)的多寡是決定民營企業(yè)能否獲取更多銀行貸款的關(guān)鍵因素之一,擁有較多可抵押資產(chǎn)的民營企業(yè)能夠獲得更多的銀行貸款,但并不一定能夠獲得更長的貸款期限;(2)擁有政治關(guān)系的民營企業(yè)獲得的銀行貸款比沒有政治關(guān)系的民營企業(yè)更多,包括抵押貸款和信用貸款;(3)可抵押資產(chǎn)與政治關(guān)系這兩種保障機(jī)制之間存在一定的替代關(guān)系,即對(duì)于具有政治關(guān)系的民營企業(yè),其在取得銀行貸款時(shí)對(duì)可抵押資產(chǎn)的依賴程度要比沒有政治關(guān)系的民營企業(yè)小;(4)貨幣政策對(duì)民營企業(yè)的銀行貸款能力有一定的沖擊作用。相比于貨幣政策寬松時(shí)期,在貨幣政策緊縮時(shí)期,銀行會(huì)對(duì)民營企業(yè)的銀行貸款條件更為苛刻�？傻盅嘿Y產(chǎn)和政治關(guān)系對(duì)民營企業(yè)的銀行貸款能力影響更大。民營企業(yè)必須提供更多的抵押資產(chǎn)才能獲得銀行貸款。而民營企業(yè)所擁有的政治關(guān)系在貨幣政策緊縮時(shí)期所發(fā)揮的作用顯得更為重要。
[Abstract]:According to the pecking order theory of financing, bank loan is an important source of external financing of enterprises. Especially in China's Bank dominated financial system, bank loans are also the main financing way of foreign enterprises in China. However, because the government is the ultimate control of state-owned banks in China, has a greater impact on. The allocation of credit and credit market in China, the serious information asymmetry, protection legal system of financial creditor's rights is not perfect, the private enterprises will often suffer from ownership discrimination in lending. And this has long been the existence of "discrimination" can not immediately get fundamental change. When the formal mechanism cannot meet the requirements of private enterprises the demand for bank loans, private enterprises began to turn to alternative informal mechanisms to meet their own needs for funds, which run through the National People's Congress on behalf of government or Association members and the government way to establish a close relationship is a very important and effective way. Most domestic studies have shown that in the special background of our country is in the period of economic transition, political relations can be used as a substitute for private enterprises to overcome the informal mechanism of market system defects, alleviate its financingconstraints (Yu Minggui, Pan Hongbo, 2008; Zhen Liming, Luo party theory, 2008). However, due to reasons of private enterprises facing more serious financing constraints, in addition to the financial system is not perfect, also have their own problems. At this stage, as one of the most important mortgage credit risk mitigation techniques of commercial banks, has been widely in the actual use of the loan contract. The majority of private enterprises, due to the nature of its own which is faced with greater risks, leading to the higher probability of default. When the bank to private enterprises When lending to protect their own interests, often prescribed more harsh terms, for private enterprises to provide more mortgage assets as collateral. When the private enterprises lack of mortgage assets, the difficulty of obtaining bank loans will be greater, the financing constraints faced will be more serious. Hinder the development of private enterprises. The research also shows that the financing constraints of enterprises, can effectively reduce the default risk of mortgage assets, improve the enterprise financing ability. Therefore, mortgage assets as a kind of external guarantee mechanism, also can reduce the degree of information asymmetry between banks and financing constraints, the amount of mortgage assets has become the key to improve the enterprise loan financing capacity (Li Qingyuan, Wang Jianhong, 2013). Based on the 2006 - 2013 listed on the Shanghai and Shenzhen motherboard of private enterprises as samples, empirically examines mortgage The impact of asset and the political relations of private enterprise bank loan ability, and further discusses the relationship between the relationship of mortgage assets and politics. In addition, combined with the enterprise macro economic policy microcosmic behavior research is a new field of academic research in China, this paper will try to combine monetary policy, explores the financing behavior of enterprises to the impact of national monetary policy. Through the study found: (1) the amount of mortgage assets is one of the key factors of private enterprises can get more bank loans, mortgage assets have more private enterprises to obtain more bank loans, but not necessarily be able to get a longer loan period; (2) the political relationship the private enterprises to obtain bank loans more than no political relations of private enterprises, including mortgage loans and credit loans; (3) can be mortgaged assets and Politics There is a certain relationship between alternative relationship between the two kinds of security mechanism, has the political relations of private enterprises, the bank loans are obtained when the degree of dependence on mortgage assets than no political relations of private enterprises; (4) have a certain impact on the monetary policy of bank loans to private enterprises. Compared to the loose monetary policy in the period, the period of monetary policy tightening, Bank of private enterprise banks more stringent loan conditions. Mortgage assets and political relations of private enterprise bank loan ability greater impact. Private enterprises must provide more mortgage assets in order to obtain bank loans and private enterprises have political the relationship between play in the period of monetary policy tightening effect is more important.

【學(xué)位授予單位】：廣東外語外貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：D0;F276.5;F832.4

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