制度变迁、银企关系和扭曲的杠杆治理

该文将我国商业银行改革划分为商业化、市场化和股份化三个阶段.通过使用1994年到2003年的上市公司数据,我们发现我国上市公司的负债水平在逐步上升,但是企业盈利在不断下降.该文进而分析了在商业化和市场化两个阶段的银企关系.我们发现,借款较高的公司企业绩效较低,公司治理水平较差.银行贷款和经理代理成本的协同关系在银行市场化时期并没有得到改善.该文认为,现有的银行市场化举措没有能够从根本上解决银行坏账问题,而银行股份化是值得考虑的理论选择.

INSTITUTIONAL CHANGES, RELATIONSHIP BANKING AND THE FAILED GOVERNANCE ROLE OF DEBT

This paper classifies the banking reforms of China into three periods, including commercialization,market adoption and ownership diversification.Using the data of China's public listed companies,we analyze the relationship between bank loans and corporate governance.It is found that with increasing the sizes of bank loans,managerial agency costs increase and corporate performance decreases.The facilitator role of debt in managerial exploitation of corporate wealth has not been changed without reforms of pro...