公司治理与银行借款融资

本文以中国深沪两市A股上市公司为样本,检验了公司治理在银行信贷决策中的作用。通过检验公司治理水平对企业银行借款融资能力和融资成本的影响,我们发现,企业银行借款融资能力方面,无论长期借款还是短期借款,公司治理因素对企业银行借款融资能力均没有影响,银行更看重企业的经营状况。企业银行借款融资成本方面,我们发现公司治理机制中只有监事会特征和股权集中度对企业银行借款融资成本有显著影响。具体地,监事会规模越大,融资成本越低;股权集中度越高,融资成本越高。本文结果说明公司治理因素在我国银行放贷决策中的作用有限。

Corporate Governance and Bank Loan Financing

This paper examines the role of corporate governance in bank loan financing using all A-share publicly traded companies in China.Specifically,we investigate the effect of corporate governance on firms' ability to raise bank loans and the cost of their bank loans.The results show that corporate governance has no significant effect on firms' ability to raise either short-term bank loans or long-term bank loans.Firms' ability to raise bank loans depends more on their financial performance.The cost of firms' bank loans decreases with,among all corporate governance factors,the number of supervisors on the board and increases with ownership concentration.The evidence implies that corporate governance plays a limited role in the decision of granting a loan by Chinese banks.