CAJ | 학술논문

基于2000～2010年A股非金融类上市公司高管金融联结与企业贷款融资数据对高管金融联结对企业贷款融资影响的研究发现，高管金融联结对企业贷款融资行为有显著影响，即与不具有高管金融联结的企业相比．具有高管金融联结的企业可以获得较多的贷款融资数额，以及支付较低的贷款融资成本；对于民营企业（较之国有企业）以及地处金融市场化程度欠发达地区的企业而言，高管金融联结对贷款融资数额的正向影响越强．对贷款融资成本的负向影响越强。
기우2000～2010년A고비금융류상시공사고관금융련결여기업대관융자수거대고관금융련결대기업대관융자영향적연구발현，고관금융련결대기업대관융자행위유현저영향，즉여불구유고관금융련결적기업상비．구유고관금융련결적기업가이획득교다적대관융자수액，이급지부교저적대관융자성본；대우민영기업（교지국유기업）이급지처금융시장화정도흠발체지구적기업이언，고관금융련결대대관융자수액적정향영향월강．대대관융자성본적부향영향월강。
Based on the executives of financial bond and loan data of A-share non-financial listing Corporation form 2000 to 2010, the paper explores the influence of top managers＇ financial ties on corporate financing on loan. Through the study we can find that： top managers＇ financial ties significantly influence the behavior of corporate financing, that＇s it, compared with the corporate with no top managers＇ financial ties, the corporate with the top managers＇ financial ties may acquire the larger amount of loan, and pay the lower cost of loan; as far as the private corporate （compared with the stated owned corporate） and the corporate in less developed financial market （compared with the comparatively developed financial market） are concerned, the positive relationship between top managers＇ financial ties and the amount of loan is stronger, and the negative relationship between top managers＇ financial ties and the cost of loan is stronger.