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以沪深两市A股上市公司2011-2015年数据作为研究样本,立足于银行信贷市场,实证检验上市公司产权与投资者保护水平对银行长期借款成本的影响。研究发现:上市公司投资者保护水平越高,其获得的银行长期借款成本越低;这一关系在国有上市公司中并不显著,表明国有产权背景可能会弱化投资者保护水平对银行长期借款成本的作用效果。
Taking the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2015 as the research samples, this paper empirically tests the impact of property rights and investor protection of listed companies on the long-term bank borrowing costs based on the bank credit market. The study found that the higher the level of investor protection of listed companies, the lower the long-term bank borrowing costs they obtain; the relationship is not significant among the state-owned listed companies, indicating that the background of state-owned property rights may weaken the level of investor protection to the long-term bank borrowing costs The effect of.