外部融资影响了非金融企业贷款利率吗——基于中国上市公司委托贷款数据的经验研究

发布时间：2018-12-16 18:37

【摘要】：我国融资歧视背景下非金融企业放贷活动普遍存在,上市公司先融资再放贷的搭桥贷款现象十分活跃,但对非金融企业贷款定价的研究比较稀少。我们运用手工搜集整理的上市公司委托贷款公告数据,实证考察上市公司外部融资行为对其放贷定价的影响。研究结果表明,上市公司外部融资行为与其发放的委托贷款利率显著负相关,而且这种降低作用在货币政策紧缩时期和金融市场化程度较高地区相对较大;进一步研究发现,对股权关联企业间借贷交易而言,外部融资对借贷利率的影响存在以货币资金为中介变量的显著中介效应。结果表明,企业通过股票发行、银行贷款等外部融资渠道改善了自身资金状况,这会降低搭桥贷款利率,从而为企业集团内部借款企业发展提供金融支持。
[Abstract]:Under the background of financing discrimination in China, non-financial enterprises' lending activities are widespread. The phenomenon of bridging loans by listed companies is very active, but the research on the pricing of non-financial enterprises' loans is rare. We use the published data collected by hand to investigate the influence of external financing behavior of listed companies on their lending pricing. The results show that the behavior of external financing of listed companies is negatively correlated with the interest rate of entrusted loans issued by listed companies, and the effect of this decrease is relatively large in the period of monetary policy tightening and the higher degree of financial marketization. Further study shows that there is a significant intermediary effect of external financing on lending interest rate with monetary funds as the intermediary variable for the loan transactions among equity related enterprises. The results show that external financing channels such as stock issuance and bank loans can improve their capital situation, which will reduce the interest rate on bridging loans, thus providing financial support for the development of internal borrowing enterprises in enterprise groups.
【作者单位】：华中科技大学经济学院;
【基金】：基金项目:基于企业间委托贷款的非正规金融研究:制度环境、运作机理和经济效应(71473091)
【分类号】：F275

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