债务融资、公司绩效与国有银行改革

本文选择中国上市公司2001～2006年的面板数据,利用回归方法研究了中国上市公司债务融资与公司经营绩效之间的关系。研究发现,第一,中国上市公司债务融资与公司经营绩效之间呈负相关关系,这一结果与国外公司金融文献中的预测相反,中国国有银行普遍存在的预算软约束是导致这一现象的根源;第二,债务融资与公司绩效的负相关性随时间的推移在逐渐减弱,这一效应可以归结于近年来中国银行业改革增强了国有银行的独立性,加强了贷款约束。该研究的一个重要启示是,预算硬约束是债务融资发挥治理效应的一个重要前提条件,中国银行业的改革有利于硬化预算约束。

Debt Financing,Firm Performance and the Reform of State-owned Commercial Bank

This paper investigates the relationship between debt financing and firm perform- ance based on panel data of listed companies from 2001 to 2006 by using regression method.The result shows that there is a negative relationship between debt financing and firm performance. This result deviates from the corporate financing literature.The reason can be attributed to the soft budget constraints of state-owned commercial bank.Meanwhile,this negative relationship is grad- ually weakening,we attribute this effect to the bank reform which enhances the independence of state-owned commercial bank and strengthens the credit constraints.An important inference from this research is that effective budget constraints is the prerequisite of debt governance,and the bank reform is a good way to consolidates budget constraints.