摘要
运用2000—2015年我国上市公司数据样本,实证研究了关系型借贷、债券融资对企业贷款成本的影响,研究发现:(1)关系型借贷关系有助于企业获得成本较低的银行贷款;(2)债券融资使得企业贷款成本得到有效降低。其中通过信息效应降低信息不对称并缓解逆向选择与道德风险是关系型借贷和债券融资影响企业贷款成本的共同机制;竞争机制是债券融资影响贷款成本的另一重要机制,企业债券融资增加了企业直接债务融资渠道,导致融资供给端的竞争加剧,降低了企业贷款成本。
Using the data of Chinese listed firms from the year of 2000 to 2015,we investigated the impact of relationship lending,bond financing on company loan cost.The results are as follows：Chinese listed firms can get loans with lower cost by the relationship lending and bond financing.Further research results show that information effect is the mechanism both in relationship lending and bond financing which reduce the cost of firm＇s loan by reducing information asymmetry which solves the moral hazard and adverse selection problems.Competition is another important mechanism of bond financing which has an impact on the cost of firm＇s loan.Bond financing with the introduction of the direct debt financing channel will cause a fierce competition in supply side of debt financing and have a positive effect on firm＇s debt financing.
作者
戴国强
钱乐乐
DAI Guoqiang QIN Lele(School of Finance, Shanghai University of Finance and Economics, Shanghai 200433, Chin)
出处
《审计与经济研究》
CSSCI
北大核心
2017年第5期62-73,共12页
Journal of Audit & Economics
基金
上海财经大学博士研究生创新计划项目科研创新基金(2014111208)
关键词
关系型借贷
债券融资
企业贷款成本
信息效应
债券市场
企业融资结构
企业银行贷款
relationship lending
bond financing
enterprise loan cost
information effect
bond market
enterprise financing structure
enterprise bank loan
