CAJ | 학술논문

本文以我国2004—2012年上市公司公告的委托贷款样本为研究对象，实证考察了股权关联对企业间信贷价格的影响。研究发现，75．6％的委托贷款交易双方存在股权关联，股权关联显著地降低了委托贷款利率，进一步的分析揭示出，股权关联不仅缓解了金融市场条件趋紧背景下的信贷价格上升势头，同时也使委托贷款利率未能充分反映出高风险关联借款者的风险状况。本文证据还表明，与关联委托贷款交易相比，非关联委托贷款利率对金融市场条件的反映不灵敏，且未能充分反映借款者的风险因素，这扭曲了信贷定价机制，可能加剧金融风险。
본문이아국2004—2012년상시공사공고적위탁대관양본위연구대상，실증고찰료고권관련대기업간신대개격적영향。연구발현，75．6％적위탁대관교역쌍방존재고권관련，고권관련현저지강저료위탁대관리솔，진일보적분석게시출，고권관련불부완해료금융시장조건추긴배경하적신대개격상승세두，동시야사위탁대관리솔미능충분반영출고풍험관련차관자적풍험상황。본문증거환표명，여관련위탁대관교역상비，비관련위탁대관리솔대금융시장조건적반영불령민，차미능충분반영차관자적풍험인소，저뉴곡료신대정개궤제，가능가극금융풍험。
Using a sample of entrusted loans of listed companies between 2004 and 2012, this paper empirically analyzes the effects of equity connection on the price of credit between enterprises. It is found that 75.6% of entrusted loans happened between enterprises which have equity connection and that equity connection decreases interest rate of entrusted loans. Further analyzes shows that two channels work. Additional evidence finds that entrusted loans between enterprises behave differently. The interest rate between enterprises which have no eq- uity connection distorts the pricing mechanism of loan.