摘要
本文以委贷新规出台作为外生冲击,考察金融强监管政策对借款方企业银行贷款的影响。研究发现,委贷新规出台后,借款方企业的银行贷款显著减少,且这一影响在非国有企业、政策限制类行业以及影子银行水平较高的地区更为突出。机制分析表明,委贷新规主要通过提高企业违约风险、强化契约条款设置,影响借款方企业的银行贷款。进一步地,在面对上述融资压力时,借款方企业会在一定程度上遵循优序融资理论提出的“内源融资”—“外源融资”顺序进行应对,表现为内源融资中现金持有及留存收益的增加、存货水平的降低、商业信用供给的减少,外源融资中股权融资的增加。本文为金融强监管的政策有效性提供了微观证据,也为政府完善金融监管举措提供参考。
Using the new entrusted loan regulation as an exogeneous shock,this paper examines the impact of the strict financial regulation policy on the borrower firms’bank loans.This paper documents that after the implementation of the new entrusted loan regulation,borrower firms’bank loans significantly decrease.This effect is more prominent among non-SOEs,firms in restricted industries,as well as in regions with high levels of shadow banking.Moreover,the mechanism test reveals that the new entrusted loans regulation affects the borrower firms’bank loans by increasing the firm default risk and strengthening the contracting terms of bank loans.Confronted with the financing pressure,the borrower firms will,to a certain extent,follow the“endogenous financing”-“exogenous financing”sequence proposed by the pecking order theory.This is reflected in an increase in cash holdings and retained earnings,a decrease in inventory levels and commercial credit supply in endogenous financing,and an increase in equity financing in exogenous financing.This paper provides microscopic evidence from entrusted loans for evaluating the policy effects of strict financial regulation,and also provides references for regulators to improve regulatory policies.
出处
《会计研究》
CSSCI
北大核心
2023年第12期92-105,共14页
Accounting Research
基金
广东省自然科学基金青年提升项目(2023A1515030279)
国家社会科学基金青年项目(23CGL016)
国家自然科学基金青年项目(71802085)
关键词
金融强监管
委贷新规
委托借款
银行贷款
Strict Financial Regulation
The New Entrusted Loans Regulation
Entrusted Loans
Bank Loans
