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论文编号：	10221
作者编号：	2120152443
上传时间：	2018/6/12 9:25:58
中文题目：	企业战略和银行借款融资关系的实证研究——破产风险的中介效应视角
英文题目：	Empirical Study on Business Strategy and Bank Loan Financing—Using Bankrupt Risk as Mediating Variable
指导老师：	周宝源
中文关键字：	企业战略；破产风险；银行借款融资
英文关键字：	business strategy; bankrupt risk; bank loan financing
中文摘要：	在企业生产经营过程中，企业需要根据内外部环境的状况制定出相应战略，其战略的制定对企业的经营、投资和融资等活动都具有重要影响。其中融资活动可以为企业经营发展提供资金和流动性，是企业经营的重要环节。企业的融资方式种类较多，其中银行借款融资是日常经营中最普遍的融资形式之一。本文将重点探讨企业战略对其银行借款融资的影响机制，以及企业战略与其银行借款融资的规模、成本和期限结构之间的关系。 从银行的角度来说，在利率市场化进程中，存贷利差收窄，因此一方面银行要通过扩大贷款规模来维持利润增长；另一方面，为降低不良贷款率、提高贷款质量，银行在贷款决策时需要提高贷款审核及发放标准。这就对银行的风险管理提出了更高的要求。银行要真正降低信贷风险，就需要对企业风险进行仔细识别和把控。但表示企业财务状况的会计信息易受企业管理者的操纵，且其往往反映企业短期经营状况，较难反应其中长期的发展趋势。此外，由于信息不对称等因素，大多数情形中银行较难有效识别企业的盈余管理行为，因此企业财务信息在银行贷款决策中的有用性逐渐降低。在这种情形下，企业战略作为能够对企业未来财务经营活动产生重大影响的综合信息，将逐步在银行的贷款决策中发挥重要作用。 本文通过借鉴Bentley等（2013）对企业战略的度量方法，利用 2012—2016 年间中国 A股上市公司作为研究样本，探讨了企业战略是否会影响其银行借款融资及其影响机制。研究发现，在控制了其他因素的影响后，偏向于前瞻型战略的企业银行借款规模更低、长期借款比例更低、成本更高；偏向于防御型战略的企业银行借款融资规模更高、长期借款比例更高、成本更低。此外，偏向于前瞻型战略的企业破产风险更高，破产风险是企业战略和其银行借款融资之间的中介变量，三者之间存在传导关系。在本文最后部分讨论了企业战略与其融资需求之间的关系，研究发现，企业的战略越偏向于前瞻型，则融资需求越高，这进一步表明虽然前瞻型企业具有较高的融资需求，但银行在进行贷款决策时对该战略类型企业较为谨慎，其银行借款融资能力较低。
英文摘要：	In the process of production and operating activities, enterprises need to formulate the strategy according to internal and external environment. The strategy influences company’s operating activities, investment and financing. Financing can offer cash and liquidity for company’s development and play an important link in business operation. Bank loan financing is one of the most general ways of firms’ financing. This paper will research whether business strategy influences the amount, term and interest of bank loan. Besides, the study will show the influencing mechanism about business strategy and bank loan financing. Interest spreads of deposit and loan has been reducing as the development of interest liberalization. Banks require to increase the amount of bank loan to maintain profit growth. What’s more, banks need to improve the standard of Loan Pre-Qualification to decrease non-performing loans ratio. To attain this goal, banks need to recognize the enterprises’ real operational risk. Whereas, financial and accounting information could be handled by enterprises’ managers easily, in addition, accounting information usually reflects the short-term state of operation rather than long-term. Besides, banks can not recognize the earnings management behaviors effectively in most cases because of information asymmetry. So, accounting information has a less influence to enterprises’ bank loan financing. Under the circumstance, business strategy will play more and more important role in the process of loan decision as a kind of comprehensive information which can lead the enterprises’ financial and operation activities. This paper references Bentley etc.’（2013）method of measuring business strategy, uses the 2012-2016 China’s A shares’ company as sample and discusses whether different business strategy will influence the amount, term and interest of bank loan and its influencing mechanism. The study shows that ceteris paribus, prospector strategy companies can get less amount, shorter term and higher interest bank loan; defender strategy companies can get more amount, longer term and lower interest bank loan. Besides, prospector strategy companies’ bankrupt risk is higher than defender strategy companies’. Bankrupt risk is a mediating variable between business strategy and bank loan financing. In the last part, the paper researches relation about business strategy and financing needs. The study shows that prospector strategy companies have more financing needs. This result further shows that the bank loan financing ability of prospector strategy companies’ is lower, although their financing needs are higher. For prospector strategy companies, banks are more cautious about the loan decision than defender strategy companies.
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