论文部分内容阅读
关联交易提高了银企之间的信息不对称程度,增加了信贷的风险。本文实证考察了关联交易对银行信贷的影响。结果发现,它们之间显著负相关的关系,说明关联交易金额越大,银行信贷越少,表明银行将关联交易视为一种利益输送行为,而非效率促进行为。结合所有权性质进一步研究发现,在国有企业样本中,这一显著关系仍成立。说明尽管国有企业存在着预算软约束,但是银行还是能够识别可能损害他们权益的经济行为。
Related party transactions increase the degree of information asymmetry between banks and enterprises, increasing the risk of credit. This paper empirically examines the impact of related party transactions on bank credit. The results showed that there was a significant negative correlation between them, indicating that the greater the amount of related party transactions, the less bank credit, indicating that the related party transactions as a kind of transfer of benefits rather than the efficiency of promoting behavior. A further study based on the nature of ownership found that in the sample of state-owned enterprises, this significant relationship still holds. This shows that despite the soft budget constraints of state-owned enterprises, banks are still able to identify economic behaviors that may harm their rights and interests.