银行往来关系与企业融资约束——基于中国民营上市公司的经验证据
|
摘要
银行往来关系是一种可为银行及其客户带来收益的超越单纯金融交易的密切关系。银行往来关系会给公司带来相应的价值和成本。选取中国民营上市公司作为研究样本,采用现金-现金流模型实证检验银行往来关系与企业融资约束的关系,结果表明银行往来关系能够有效地缓解民营上市公司的融资约束。进一步的研究发现,银行往来关系对企业融资约束缓解作用在金融危机后以及中小民营上市公司表现更为显著。因此,基于当前我国银行往来关系与企业融资现状,相关部门应大力开拓和扶持多种投融资渠道,积极建立银行往来关系,发展合法的非国有金融机构,由此改善我国企业融资环境,促进中小企业发展。
Banking relationships represent a type of close relationships that can bring profits to banks and their customers beyond pure financial transactions and will bring corresponding value and cost to the companies. This paper uses the sample of Chinese privately-controlled listed firms and the cash-cash flow model to empirically study the relationship between banking relationships and financial constraints. The results show that bank relationships can effectively alleviate the degree of financial constraints on Chinese privately-controlled listed firms. Further research finds that this effect is more prominent after the financial crisis of 2008 and among the small and medium-sized privately-controlled listed firms. Therefore,based on the current situation of banking relationships and enterprise financing in China,the related government departments should vigorously develop and support various investment and financing channels,actively establish banking relationships and develop legitimate non-state-owned financial institutions,thereby improving the financing environment of enterprises in China and promoting the development of small and medium-sized enterprises.
Banking relationships represent a type of close relationships that can bring profits to banks and their customers beyond pure financial transactions and will bring corresponding value and cost to the companies. This paper uses the sample of Chinese privately-controlled listed firms and the cash-cash flow model to empirically study the relationship between banking relationships and financial constraints. The results show that bank relationships can effectively alleviate the degree of financial constraints on Chinese privately-controlled listed firms. Further research finds that this effect is more prominent after the financial crisis of 2008 and among the small and medium-sized privately-controlled listed firms. Therefore,based on the current situation of banking relationships and enterprise financing in China,the related government departments should vigorously develop and support various investment and financing channels,actively establish banking relationships and develop legitimate non-state-owned financial institutions,thereby improving the financing environment of enterprises in China and promoting the development of small and medium-sized enterprises.
引文
曹敏、何佳、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。
邓建平、曾勇,2011:《金融关联能否缓解民营企业的融资约束》,《金融研究》第8期。
何韧、王维诚,2009:《银企关系与中小企业成长---关系借贷价值的经验证据》,《财经研究》第10期。
黄炳艺,2008:《银行往来关系与公司代理成本关系实证研究---基于中国民营上市公司的证据》,《经济管理》第2期。
连玉君、苏治、丁志国,2008:《现金-现金流敏感性能检验融资约束假说吗?》,《统计研究》第10期。
潘克勤,2011:《法制环境及金融发展、企业的金融机构背景与融资约束---中国民营上市公司的经验证据》,《经济经纬》第1期。
屈文洲、谢雅璐、叶玉妹,2011:《信息不对称、融资约束与投资-现金流敏感性---基于市场微观结构理论的实证研
究》,《经济研究》第6期。
唐建新、卢建龙、余明桂,2011:《银行关系、政治联系与民营企业贷款---来自中国民营上市公司的经验证据》,《经济评论》第3期。
Almeida H,Campello M,Michael S.Weisbach,2004,“The Cash Flow Sensitivity of Cash”,The Journal of Finance,59(4):1777-1804.
Berger A.N.,Udell G.F.,1995,“Relationship Lending and Lines of Credit in Small Firm Finance”,Journal of Business,(3):351-381.
Bhattacharya Sudipto,Chiesa Gabriella.,1995,“Proprietary information,financial intermediation and research incentives”,Journal of Financial Intermediation,4(4):328-357.
Bolton,Patrick,Scharfstein,David S,1996,“Optimal debt structure and the number of Creditors”,Journal of Political E-conomy,104:1-25.
Boot W.A.,2000,“Relationship banking:what do we know?”,Journal of Financial Intermediation,(9):7-25.
Boot,A.and Thakor,A.V.,1994,“Moral hazard and secured lending in an infinitely repeated credit market game”,International Economic Review,(35):899-920.
Boot,A.and Thakor,A.V.,2000,“Can Relationship Banking Survive Competition?”,Journal of Finance,55(2):679-713.
Booth,J.R.and D.N.Deli,1999,“On Executives of Financial Institutions as Outside Directors”,Journal of Corporate Finance,5(3):227-250.
Caroline Fohlin,1998,“Relationship Banking,Liquidity,and Investment in the German Industrialization”,Journal of Finance,(53):1737-1758.
Chung-Hua Shen,Chien-An Wang,2005,“Does bank relationship matter for a firm’s investment and financial constraints?The case of Taiwan”,Pacific-Basin Finance Journal,(13):163-184.
David W.Blackwell and Drew B.Winters,1997,“Banking relationships and the effect of monitoring on loan pricing”,The Journal of Financial Research,(2):275-289.
Dewatripont,Mathias and Maskin,Eric.,1995,“Contractual contingencies and renegotiation”,Journal of Economics,26:704-719.
Diamond,D.W.,1989,“Reputation acquisition in debt markets”,Journal of Political Economy 97:828-62.
Fazzari S.M.,Hubbard R.G.,Petersen B.C.,1988,“Financing Constraints and Corporate Investment”,Brookings Papers on Economic Activity,(1):141-195.
Gilchrist,S.,Himmelberg,C.P.,1995,“Evidence on the Role of Cash Flow in Reduced-form Investment Equations”,Journal of Monetary Economics,(36):541-572.
Hoshi,T.,A.Kashyap,and D.Scharfstein,1991,“Corporate structure,liquidity,and investment:Evidence from Japanese industrial groups”,The Quarterly Journal of Economics,(106):33-60.
Houston,J.F.,and C.M James,2001,“Do relationships have limits?Banking relationships,financial constraints and investment”,Journal of Business,(74):347-374.
Kaplan S,L Zingales L.,1997,“Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financial Constraints?”,Quarterly Journal of Economics,(112):169-215.
Kroszner,R.S.and P.E.Strahan,2001,“Bankers on Boards Monitoring,Conflicts of Interest and Lender Liability”,Journal of Financial Economics,62(3):415-425.
La Porta,Rafael,Florencio Lopez-de-Silanes,Andrei Shleifer and Robert W.Vishny,1997,“Legal Determinants of External Finance”,Journal of Finance,(52):1131-1150
Mitchell,K.and Walker M.D.,2010,“Bankers on Boards,Financial Constraints and Financial Distress”,Working Paper.
Ongena,S.,and D.C.Smith,2001,“The duration of bank relationships”,Journal of Financial Economics,(61):449-475.
Petersen,M.and Rajan,R.,1994,“The Benefits of Lending Relationships:Evidence from Small Business Data”,Journal of Finance,(49):1367-1400.
Rajan,R.G.,1992,“Insiders and outsiders:the choice between informed and arm’s length debt”,Journal of Finance,47(4):1367-1400.
Rajshree Agarwal and Julie Elston,2001,“Bank-firm relationships,financing and firm performance in Germany”,Economics Letters,72(2):225-232.
Sharpe,S.A.,1990.,“Asymmetric information,bank lending and implicit contracts:A stylized model of customer relationships”,Journal of Finance,45:1069-1087.
Weinstein D.E.and Yafeh.Y.,1998,“On the cost of a bank centered financial system:evidence from the changing main bank relations in Japan”,Journal of Finance,(2):635-672.
Zhiyong Shi and Bo Zhang,2005,“An analysis of the loan exit gaming on relationship lending in China”,Chinese Business Review,(28):1537-1506.
邓建平、曾勇,2011:《金融关联能否缓解民营企业的融资约束》,《金融研究》第8期。
何韧、王维诚,2009:《银企关系与中小企业成长---关系借贷价值的经验证据》,《财经研究》第10期。
黄炳艺,2008:《银行往来关系与公司代理成本关系实证研究---基于中国民营上市公司的证据》,《经济管理》第2期。
连玉君、苏治、丁志国,2008:《现金-现金流敏感性能检验融资约束假说吗?》,《统计研究》第10期。
潘克勤,2011:《法制环境及金融发展、企业的金融机构背景与融资约束---中国民营上市公司的经验证据》,《经济经纬》第1期。
屈文洲、谢雅璐、叶玉妹,2011:《信息不对称、融资约束与投资-现金流敏感性---基于市场微观结构理论的实证研
究》,《经济研究》第6期。
唐建新、卢建龙、余明桂,2011:《银行关系、政治联系与民营企业贷款---来自中国民营上市公司的经验证据》,《经济评论》第3期。
Almeida H,Campello M,Michael S.Weisbach,2004,“The Cash Flow Sensitivity of Cash”,The Journal of Finance,59(4):1777-1804.
Berger A.N.,Udell G.F.,1995,“Relationship Lending and Lines of Credit in Small Firm Finance”,Journal of Business,(3):351-381.
Bhattacharya Sudipto,Chiesa Gabriella.,1995,“Proprietary information,financial intermediation and research incentives”,Journal of Financial Intermediation,4(4):328-357.
Bolton,Patrick,Scharfstein,David S,1996,“Optimal debt structure and the number of Creditors”,Journal of Political E-conomy,104:1-25.
Boot W.A.,2000,“Relationship banking:what do we know?”,Journal of Financial Intermediation,(9):7-25.
Boot,A.and Thakor,A.V.,1994,“Moral hazard and secured lending in an infinitely repeated credit market game”,International Economic Review,(35):899-920.
Boot,A.and Thakor,A.V.,2000,“Can Relationship Banking Survive Competition?”,Journal of Finance,55(2):679-713.
Booth,J.R.and D.N.Deli,1999,“On Executives of Financial Institutions as Outside Directors”,Journal of Corporate Finance,5(3):227-250.
Caroline Fohlin,1998,“Relationship Banking,Liquidity,and Investment in the German Industrialization”,Journal of Finance,(53):1737-1758.
Chung-Hua Shen,Chien-An Wang,2005,“Does bank relationship matter for a firm’s investment and financial constraints?The case of Taiwan”,Pacific-Basin Finance Journal,(13):163-184.
David W.Blackwell and Drew B.Winters,1997,“Banking relationships and the effect of monitoring on loan pricing”,The Journal of Financial Research,(2):275-289.
Dewatripont,Mathias and Maskin,Eric.,1995,“Contractual contingencies and renegotiation”,Journal of Economics,26:704-719.
Diamond,D.W.,1989,“Reputation acquisition in debt markets”,Journal of Political Economy 97:828-62.
Fazzari S.M.,Hubbard R.G.,Petersen B.C.,1988,“Financing Constraints and Corporate Investment”,Brookings Papers on Economic Activity,(1):141-195.
Gilchrist,S.,Himmelberg,C.P.,1995,“Evidence on the Role of Cash Flow in Reduced-form Investment Equations”,Journal of Monetary Economics,(36):541-572.
Hoshi,T.,A.Kashyap,and D.Scharfstein,1991,“Corporate structure,liquidity,and investment:Evidence from Japanese industrial groups”,The Quarterly Journal of Economics,(106):33-60.
Houston,J.F.,and C.M James,2001,“Do relationships have limits?Banking relationships,financial constraints and investment”,Journal of Business,(74):347-374.
Kaplan S,L Zingales L.,1997,“Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financial Constraints?”,Quarterly Journal of Economics,(112):169-215.
Kroszner,R.S.and P.E.Strahan,2001,“Bankers on Boards Monitoring,Conflicts of Interest and Lender Liability”,Journal of Financial Economics,62(3):415-425.
La Porta,Rafael,Florencio Lopez-de-Silanes,Andrei Shleifer and Robert W.Vishny,1997,“Legal Determinants of External Finance”,Journal of Finance,(52):1131-1150
Mitchell,K.and Walker M.D.,2010,“Bankers on Boards,Financial Constraints and Financial Distress”,Working Paper.
Ongena,S.,and D.C.Smith,2001,“The duration of bank relationships”,Journal of Financial Economics,(61):449-475.
Petersen,M.and Rajan,R.,1994,“The Benefits of Lending Relationships:Evidence from Small Business Data”,Journal of Finance,(49):1367-1400.
Rajan,R.G.,1992,“Insiders and outsiders:the choice between informed and arm’s length debt”,Journal of Finance,47(4):1367-1400.
Rajshree Agarwal and Julie Elston,2001,“Bank-firm relationships,financing and firm performance in Germany”,Economics Letters,72(2):225-232.
Sharpe,S.A.,1990.,“Asymmetric information,bank lending and implicit contracts:A stylized model of customer relationships”,Journal of Finance,45:1069-1087.
Weinstein D.E.and Yafeh.Y.,1998,“On the cost of a bank centered financial system:evidence from the changing main bank relations in Japan”,Journal of Finance,(2):635-672.
Zhiyong Shi and Bo Zhang,2005,“An analysis of the loan exit gaming on relationship lending in China”,Chinese Business Review,(28):1537-1506.