财经理论与实践
財經理論與實踐
재경이론여실천
THE THEORY AND PRACTICE OF FINANCE AND ECONOMICS
2015年
4期
15-21
,共7页
银行监督%掏空行为%公司治理%银企关系
銀行鑑督%掏空行為%公司治理%銀企關繫
은행감독%도공행위%공사치리%은기관계
Bank monitoring%Tunneling activity%Corporate governance%Bank-enterprise re-lationship
从控股股东掏空行为的视角,采用中国上市公司的贷款数据分析中国的商业银行对企业的监督作用。研究发现,银行对控股股东的掏空行为具有一定的监督作用,在银行贷款数量多、贷款期限长的公司中,控股股东的掏空行为明显减少。对不同所有制的企业,银行的监督作用存在异质性。目前,银行的监督作用主要体现在国有银行中,而国有银行能有效监督的对象仅限于地方政府和私人控制的企业,国有银行对中央企业的监督能力较弱。从事后监督来看,银行会对控股股东的掏空行为做出贷款政策的调整,对于控股股东掏空严重的企业,续新贷款的银行数量、续新贷款比例显著下降,而且贷款利率显著提高。
從控股股東掏空行為的視角,採用中國上市公司的貸款數據分析中國的商業銀行對企業的鑑督作用。研究髮現,銀行對控股股東的掏空行為具有一定的鑑督作用,在銀行貸款數量多、貸款期限長的公司中,控股股東的掏空行為明顯減少。對不同所有製的企業,銀行的鑑督作用存在異質性。目前,銀行的鑑督作用主要體現在國有銀行中,而國有銀行能有效鑑督的對象僅限于地方政府和私人控製的企業,國有銀行對中央企業的鑑督能力較弱。從事後鑑督來看,銀行會對控股股東的掏空行為做齣貸款政策的調整,對于控股股東掏空嚴重的企業,續新貸款的銀行數量、續新貸款比例顯著下降,而且貸款利率顯著提高。
종공고고동도공행위적시각,채용중국상시공사적대관수거분석중국적상업은행대기업적감독작용。연구발현,은행대공고고동적도공행위구유일정적감독작용,재은행대관수량다、대관기한장적공사중,공고고동적도공행위명현감소。대불동소유제적기업,은행적감독작용존재이질성。목전,은행적감독작용주요체현재국유은행중,이국유은행능유효감독적대상부한우지방정부화사인공제적기업,국유은행대중앙기업적감독능력교약。종사후감독래간,은행회대공고고동적도공행위주출대관정책적조정,대우공고고동도공엄중적기업,속신대관적은행수량、속신대관비례현저하강,이차대관리솔현저제고。
Using the loan data of China listed companies,this paper studies the bank's supervi-sion function from the perspective of controlling shareholder's tunneling activities.We find that companies,which have more bank loans or longer loan terms,have significant less tunneling be-havior.This finding demonstrates that Chinese commercial banks can play a supervisory role. And banks have different levels of supervising ability in different types of enterprises.We also find that the supervisory role function mainly exists in the state-owned banks,whose effective monitoring objects are enterprises controlled by local government or private enterprises.From the ex-post monitoring perspective,the bank will make adjustments of loan policy towards the con-trolling shareholder's tunneling behavior.For firms with more controlling shareholder's tunneling activities,the number of banks renegotiated loans with firm and the loan renegotiation ratio both decrease while the interest rates of renegotiated loans increases significantly.