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论文编号：	652
作者编号：	2120061966
上传时间：	2008/6/20 10:21:34
中文题目：	基于会计信息的银行基督与市场效
英文题目：	The research of bank monitorin
指导老师：	刘志远
中文关键字：	银行监督 会计信息 市场效应
英文关键字：	Monitoring Accounting Informa
中文摘要：	上市公司的资金来源不外乎来自向银行取得的贷款和投资者的权益资本，因此上市公司与银行、与投资者之间都存在契约式的委托代理关系。 上市公司与银行之间存在着较严重的代理问题、信息不对称性和契约不完备问题，要想解决这些问题，银行必须对上市公司进行严格的监督，监督包括贷前监督、贷中监督和贷后监督。贷前监督是银行选择贷款对象、决定贷款与否、商定贷款政策的环节，是一项贷款业务成功的重要的第一步。贷前监督过程中企业的会计信息是必不可少的基础信息，在贷前的审查和审批中都起到了至关重要的作用。 上市公司与投资者之间也存在着较严重的代理问题和信息不对称问题，银行在上市公司与投资者之间可以发挥其金融中介和信息传递的功能，银行作为专业的金融机构，其监督可以向投资者传递出关于企业特质的信息，引起投资者的反应，即银行监督的效应。 我国金融业和企业都在迅速的发展，商业银行的改革与开放、国有商业银行的上市、允许外资银行的进入等都促使商业银行要关注自身流动性、盈利性和安全性，因此我国商业银行会越来越注重自身的收益和风险，加强对上市公司的监督。本文选取银行新增贷款数量与上一期会计信息的关系作为研究对象，以此来检验我国商业银行是否基于会计信息进行了严格的银行监督。商业银行监督的效应又会体现在股票市场上，通过检验上市公司贷款公告对公司股票价格波动的影响来验证我国商业银行监督的市场效应。研究结果表明，新增贷款数量与上一期会计信息之间存在显著的正相关关系，贷款公告给上市公司的股票价格带来了正向的异常波动，表明我国商业银行基于会计信息进行了严格的监督，并且监督得到了投资者的认可，产生市场效应。可见，我国银行业商业化改革促进了银行注重自身的收益和风险的意识，银行业需要继续商业化改革的道路。
英文摘要：	Because the source of funds for listed companies is either bank loans or equity of investors, there are contractual agency relationships between listed companies and commercial banks as well as between listed companies and investors. There are serious agency problems such as information asymmetry, incomplete contract problem between listed companies and commercial banks and etc. In order to solve these types of problem, the banks should monitor the listed company strictly before, during and after loan. In the whole process, the monitoring before loan is the first and also most important step that leads to success, because it is the step of selecting borrower, making decision of lending or not, and agreeing on the lending policies. Monitoring before loan includes investigation, review and approval. The accounting information is the essential basic information which plays a crucial role in the process of examination and approval. There are also agency problem and information asymmetry between listed companies and investors. As financial intermediation, the commercial banks will perform a function of financial intermediation and signal mediator between listed companies and investors. Bank monitoring can release the information about characteristic of companies to investors and make the investors to react. This phenomenon is called the effect of bank monitoring. Nowadays, the financial industry and the enterprises are developing very rapidly. The commercial banks are reformed and opening-up; the state-owned commercial banks are listed; foreign banks are allowed to access to our capital market. These factors above force commercial banks pay more attention to their liquidity, profitability and security. Commercial banks will gradually focus on the trade-off between benefits and risks, and enhance the monitoring of listed companies. This paper selects the relationship between the amount of new loans and the accounting information as the research object in order to verify whether the commercial banks perform a strict monitoring based on the accounting information. Since the effect of bank monitoring will be reflected in the stock market, the market effect can be verified through stock price fluctuations of the companies that release bank loan announcements. Finally, the conclusion states that there is a significant positive correlation relationship between the amount of new loans and the last-term financial situation. Releasing bank loan announcement leads the positive abnormal fluctuations of the listed companies’ stock price. This indicates that in China the commercial banks monitoring is based on accounting information, and the investors validate the monitoring to effect on the stock market. It also shows that the reform of the commercial banks in China improves their own senses of attaching importance to the benefits, risks and continuing reform.
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