|
|
|
| The Effect of Shareholding in Financial Institutions on Debt Financing and Debt Structure:Evidence from Listed Firms |
| HUANG Xiaolin, ZHU Song, CHEN Guanting
|
School of Business ,Renmin University of China; Business School,Beijing Normal University;
School of Economics and Management,Tsinghua University |
|
|
|
|
Abstract Based on 615 pairs of paired-firms from 2007 to 2011, the paper finds: shareholding in financial institutions not only can bring more debt capitals to holding firms, including short-term debt and long-term debt, but also can change their debt structure by increasing the short-term debt financing and reducing the using of long-term debt. Besides, the influence of investing in financial institutions on debt financing and debt structure is more evident in non-state-own enterprises comparing to the state-owned enterprises. Further dividing the financial institutions into two groups, we find that the influence of shareholding in financial institutions on firms’ debt financing and debt structure is due to the shareholding in non-bank financial institutions rather than shareholding in banks.
|
|
Received: 12 July 2013
Published: 19 April 2018
|
|
|
|
|
| [1] |
曹敏、何佳和潘启良,2003,《金融中介及关系银行——基于广东外资企业银行融资数据的研究》,《经济研究》第3期,第44~53页。
|
| [2] |
陈栋和陈运森,2012,《银行股权关联、货币政策变更与上市公司现金管理》,《金融研究》第12期,第122~136页。
|
| [3] |
陈栋、翟进步和陈运森,2012,《参股保险业与企业流动性风险管理:基于货币政策变更背景》,《保险研究》第2期,第80~88页。
|
| [4] |
樊纲、王小鲁和朱恒鹏,2011,《中国市场化指数——各地区市场化相对进程》,《2011年报告》,经济科学出版社。
|
| [5] |
胡援成和刘明艳,2011,《中国上市公司债务期限结构影响因素:面板数据分析》,《管理世界》第2期,第175~177页。
|
| [6] |
蔺元,2010,《我国上市公司产融结合效果分析——基于参股非上市金融机构视角的实证研究》,《南开管理评论》第5期,第153~160页。
|
| [7] |
罗党论和甄丽明,2008,《民营控制、政治关系与企业融资约束——基于中国民营上市公司的经验证据》,《金融研究》第12期,第164~178页。
|
| [8] |
肖作平和廖理,2008,《公司治理影响债务期限水平吗？——来自上市公司的经验证据》,《管理世界》第11期,第143~156页。
|
| [9] |
齐寅峰、王曼舒、黄福广等,2005,《中国企业投融资行为研究——基于问卷调查结果的分析》,《管理世界》第3期,第94~114页。
|
| [10] |
孙铮、刘凤委和李增泉,2005,《市场化程度、政府干预与企业债务期限结构》,《经济研究》第5期,第52~63页。
|
| [11] |
吴晓灵,2008,《利用非银行金融机构破解融资困境》,《上海证券报》,2008-6-11。
|
| [12] |
杨兴全和梅波,2008,《公司治理机制对债务期限结构的影响——来自我国上市公司的经验证据》,《财贸研究》第1期,第134~140页。
|
| [13] |
杨毅和颜白鹭,2012,《银企关系对制造业中小企业贷款利率的影响研究——来自江苏徐州和广西柳州典型样本的证据》,《经济问题》第7期,第111~114页。
|
| [14] |
张杰、经朝明和刘东,2007,《商业信贷、关系型借贷与小企业信贷约束:来自江苏的证据》,《世界经济》第3期,第75~85页。
|
| [15] |
朱松、陈关亭和杜雯翠, 2014, 《持股金融机构、融资约束与企业现金储备》, 《中国会计与财务研究》第3期, 第1~66页。
|
| [16] |
朱松和杨丹,2015,《持有金融机构股份与企业资金配置效率》,《南京审计学院学报》第3期,第14~25页。
|
| [17] |
Berger, A.N. and Udell, G.F., 2002. “Small Business Credit Availability and Relationship Leading: The Importance of Bank Organizational Structure”, Economic Journal, 112(477): 32~54.
|
| [18] |
Charumlind, C., R. Kali, and Y. Wiwattanakantang, 2006. “Connected Lending: Thailand Before the Financial Crisis”, Journal of Business, 79(1): 181~217.
|
| [19] |
La Porta, R., F. Lopez-de-Silanes, and G. Zamarripa, 2003. “Related Lending”, Quarterly Journal of Economics, 118(118): 231~268.
|
| [20] |
Lu, Z. F., Zhu, J.G., and Zhang, W.N., 2012. “Bank Discrimination, Holding Bank Ownership, and Economic Consequence: Evidence from China”, Journal of Banking and Finance, 36(2): 341~354.
|
|
|
|
