蒋汇,朱玉杰

• 1:清华大学经济管理学院金融系

摘要(Abstract)：

银行信贷融资在我国仍是企业最主要的融资方式,提升信贷筛选效率与配置效率是经济转方式、调结构、稳增长的重要组成部分。本文从银企关系、政治联系的角度研究了商业银行信贷筛选效率的影响因素。本文以2003—2015年A股非金融上市企业及其贷款银行的配对贷款数据为样本研究了银企关系、政治联系对企业偿债能力与全要素生产率的影响,以检验二者对于信贷筛选效率的效应。固定效应模型的回归分析结果显示,银企关系越紧密,企业的偿债能力越高;而具有政治联系的企业其偿债能力与不具备联系的企业并没有显著区别。在企业生产率水平方面,发现银企关系长度、银企关系规模与企业全要素生产率之间的正相关关系具有一定显著性,而政治联系对企业全要素生产率没有显著的影响。以上结果表明,银行在信贷筛选时通过银企关系能够有效获取企业未来质量的相关信息,提升信贷筛选效率,而政治联系则无此效应。

关键词(KeyWords)： 银企关系;政治联系;信贷融资;信贷筛选效率;全要素生产率

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 蒋汇,朱玉杰

DOI: 10.16513/j.cnki.cje.2018.04.005

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