CAJ | 학술논문

由于历史与现实的原因，我国不同地区金融市场的发育程度存在较大差异，在金融市场欠发达地区，商业银行在信贷资金分配时，除了关注企业的资产与抵押品状况，“银企关系”也成为影响企业获得信贷资金、安排债务结构的主要因素。以2004-2011年中国沪深两市所有非金融类A股上市公司为样本，对金融发展水平、银企关系与企业债务期限结构之间的关系进行实证检验，研究结果表明：金融发展水平与长期债务比例呈负相关关系；银企关系与长期债务比例呈正相关关系，关系可以打破原有的融资约束，为企业带来更多的长期贷款资源；金融市场发展削弱了银企关系的作用，使企业通过正常的途径获得需要的贷款。
유우역사여현실적원인，아국불동지구금융시장적발육정도존재교대차이，재금융시장흠발체지구，상업은행재신대자금분배시，제료관주기업적자산여저압품상황，“은기관계”야성위영향기업획득신대자금、안배채무결구적주요인소。이2004-2011년중국호심량시소유비금융류A고상시공사위양본，대금융발전수평、은기관계여기업채무기한결구지간적관계진행실증검험，연구결과표명：금융발전수평여장기채무비례정부상관관계；은기관계여장기채무비례정정상관관계，관계가이타파원유적융자약속，위기업대래경다적장기대관자원；금융시장발전삭약료은기관계적작용，사기업통과정상적도경획득수요적대관。
Due to historical and practical reasons,there is a big difference among financial market development level in different regions of China.In the underdeveloped areas,while commercial banks allocating credit funds, their concerns are not only corporate assets and collateral status,but also banks and enterprises relationships which will influence enterprise access to credit funds,arrangement of the main factors of debt structure.In this paper,an empirical demonstration on the relationship between finance development,banks and enterprises relationships and Debt maturity structure were conducted based on all the non-financial stock A companies in Shanghai and Shenz-hen stock market between 2004 and 2011.Results showed that:finance development was negatively correlated with the funded debt;banks and enterprises relationships was positively correlated with the funded debt,the relation could break the original financing constraints and bring more long-term loan sources for the emprises;the develop-ment of financial market weakened the effect of banks and enterprises relationships and the enterprises could obtain loans they need in regular ways.