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本文以2007~2011年的A股上市公司为数据样本,采用面板数据回归模型,实证检验业绩波动、两权分离度和银行信贷资源配置之间的关系。研究结果表明,相对于国有企业,非国有企业在获得银行信贷资源方面与其业绩波动和两权分离度之间均存在显著负相关关系,而国有企业的银行信贷资源配置与这两种因素的相关性却不明显。这说明商业银行在面对非国有企业时,其信贷资源的配置效率更高,更加市场化;而面对国有企业时,其信贷资源的配置效率则有待进一步提高。为了改善商业银行信贷资源配置效率,必须提高中国金融体系的市场化程度。
This paper takes A-share listed companies from 2007 to 2011 as the data samples, panel data regression model to test the relationship between the fluctuation of performance and the separation of ownership and bank credit resources empirically. The results show that there is a significant negative correlation between the non-state-owned enterprises and their performance fluctuations and the separation of ownership from state-owned enterprises. However, the allocation of bank credit resources to state-owned enterprises is related to these two factors Sex is not obvious. This shows that in the face of non-state-owned enterprises, commercial banks are more efficient and market-oriented in allocating their credit resources. In the face of SOEs, their allocation of credit resources needs to be further improved. In order to improve the efficiency of credit resources allocation in commercial banks, it is necessary to raise the marketization of China’s financial system.