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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。
The data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2012 are selected as the research samples to study the differences in the cost of debt financing due to the different background of property rights. Based on the control of other variables, the paper makes an empirical analysis of the impact of property rights of listed companies on the cost of debt financing. The main conclusions are drawn as follows: The nature of property rights has a significant impact on the cost of debt financing. Compared with state-owned loan companies, Enterprises get more borrowed money. This may be due to the fact that state-owned borrowing companies reflect stronger solvency, banks are less likely to carry out credit evaluations of state-owned borrowers, banks are less likely to face losses in the future, and a full and comprehensive assessment of private borrowing enterprises The required information is not easy to obtain, and the bank is liable for the future losses due to the agency problem of the private-owned lending enterprise itself. Therefore, the private listed companies in our country have some credit constraints.