债权人监督：贷款政策与企业财务状况——来自上市公司的一项经验研究被引量：93

On the Creditor's Supervision:Loan Decision and Financial Condition of Debtor

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摘要为观察我国银行对借款企业是否具有监督作用,我们利用上市公司年报披露的银行贷款数据,分析了银行贷款政策(贷款数量、期限与保证方式)与企业财务状况之间的关系,发现两者之间存在一定联系,但不是很明确。两者之间要么不相关,要么相关但不合理,相关又合理的财务指标总体上偏少。也就是说,银行通过某些贷款政策的改变来传导监督压力,其效力是有限的。此外,我们还发现,贷款政策与一些非财务指标之间存在合理相关关系,说明银行在贷款政策制定中对非财务指标给予了一定的重视。 Based on the public disclosed data in the annual reports of listed companies, this paper examines whether the banks have the monitoring effect on the borrowing finns and the relation between the bank loan decision （ amount, term and security） and the financial situation of the borrowing firms. We find that some of the financial variables are insignificant with the loan decisions; some are significant but unreasonable, only a few are both significant and reasonable. This result shows the pressure from the banks could not be well transmitted to the borrowing firms by changing the loan policy so that the monitoring effect of the banks is limited. However, some non-financial variables have significant and reasonable relation with the financial situation of the borrowing finns, which implies that they are applied in loan decision making.

作者胡奕明周伟

机构地区上海交通大学安泰管理学院上海财经大学

出处《金融研究》 CSSCI 北大核心 2006年第4期49-60,共12页 Journal of Financial Research

关键词公司治理银行监督贷款政策财务信息 corporate governance, bank supervision, loan policy, finance information

分类号 F832.4 [经济管理—金融学]

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