CAJ | 학술논문

银行贷款是我国企业最重要的融资渠道，对经济增长有重要影响。本文主要考察金融发展是否以及如何影响企业的贷款担保融资．为金融发展影响经济增长提供微观经验证据。我们以中国上市公司的贷款担保数据为样本，实证检验发现：①产权性质对贷款担保存在显著影响，由于政府对银行信贷决策的隐性担保和行政干预．国有公司能以较少的担保获得银行贷款；②金融发展可以显著缓解银企之间的信息不对称．金融发展水平越高．民营公司的担保贷款比例越低；③金融发展对政府干预的抑制作用超过了降低信息不对称的作用，导致国有公司的担保贷款比例随着金融发展水平的提高而增加；④金融发展对不同规模的企业担保贷款的影响存在差异．金融发展可以更显著地降低小规模民营公司的担保贷款比例。本文的实证结果表明。金融发展水平的提高有助于减弱银企之间的信息不对称．降低银行对小规模民营公司贷款的担保要求。以及抑制政府的信贷干预行为。对促进经济增长有积极作用。
은행대관시아국기업최중요적융자거도，대경제증장유중요영향。본문주요고찰금융발전시부이급여하영향기업적대관담보융자．위금융발전영향경제증장제공미관경험증거。아문이중국상시공사적대관담보수거위양본，실증검험발현：①산권성질대대관담보존재현저영향，유우정부대은행신대결책적은성담보화행정간예．국유공사능이교소적담보획득은행대관；②금융발전가이현저완해은기지간적신식불대칭．금융발전수평월고．민영공사적담보대관비례월저；③금융발전대정부간예적억제작용초과료강저신식불대칭적작용，도치국유공사적담보대관비례수착금융발전수평적제고이증가；④금융발전대불동규모적기업담보대관적영향존재차이．금융발전가이경현저지강저소규모민영공사적담보대관비례。본문적실증결과표명。금융발전수평적제고유조우감약은기지간적신식불대칭．강저은행대소규모민영공사대관적담보요구。이급억제정부적신대간예행위。대촉진경제증장유적겁작용。
Bank loan is the main source of debt financing for Chinese firms, and have a great effect on economic growth. The paper examines whether and how financial development affects corporate secured loans. Using a dataset on secured loans of Chinese listed companies as the sample, we find that：（1）State owned enterprises are able to obtain more loans without any security because of government intervention; （2）Financial development helps to weaken information asymmetry between banks and firms, and then the ratio of secured loans of private enterprises decreases with the level of financial development; （3）Financial development helps to restrain government intervention, and then the ratio of secured loans of state owned enterprises increases with the level of financial development; （4） The negative effect of financial development on secured loans is greater for small private enterprises. The results indicate that increasing the level of financial development is an important policy to deal with financing problem for small and medium enterprises, and can help to improve economic growth.