产权性质与债务融资成本差异的实证研究

选取沪深两市2007至2012年A股上市公司的数据作为研究样本,研究了借款企业由于产权背景的不同而在债务融资成本方面的差异。在控制其他变量的基础上,对上市公司产权性质对债务融资成本的影响进行了实证分析,得出的基本结论如下:产权性质对债务融资成本有显著影响,相较于国有借款企业,民营借款企业取得的借款价格更高。这可能是由于国有借款企业反映出的偿债能力更强,银行对国有借款企业进行信用评估的成本较小,银行未来面临损失的可能性较小,而对民营借款企业进行充分而又全面评价所需的信息不容易取得,银行承担由于民营借款企业本身代理问题导致的未来损失的可能性大,因此在我国市场上民营上市公司存在一定的信贷约束问题。

Empirical Research of the Difference between Property Right Nature and Debt Financing Cost

The listed corporations of A share in Shanghai and Shenzhen stock markets from 2007 to 2012 were selected as the data samples to study the debt financing cost differences among money-borrowing enterprises under the different background of property rights. On the basis of controlling other variables,an empirical analysis was made by the effect of property right nature of the listed companies on the debt financing cost,the basic conclusion was as follows:property right nature had significant effects on debt fi-nancing cost. Compared with state-owned enterprises,private enterprises had higher prices. This might be due to state-owned enter-prises reflect the stronger debt paying ability,the credit evaluation cost of state-owned enterprises was lower,the loss possibility of the bank was small in the future. For private enterprises,information for sufficient and comprehensive evaluation was not easy to get. Banks easily suffered the possibility of future losses caused by the problem of agency with private enterprise;therefore private listed companies had certain credit constraint problems on the market.