【摘要】：我國(guó)金融業(yè)的改革在經(jīng)歷了三十多年的風(fēng)風(fēng)雨雨后已取得了令人矚目的成績(jī)，然而，，我國(guó)各地區(qū)的金融發(fā)展水平卻由于國(guó)家政策扶持力度、資源稟賦等因素呈現(xiàn)出較大的差異，這使得不同地區(qū)的民營(yíng)企業(yè)在外部融資時(shí)面臨著截然不同的融資環(huán)境。一旦身處不利于自身發(fā)展的融資環(huán)境時(shí)，民營(yíng)企業(yè)通常會(huì)尋求一些非正式的替代機(jī)制以克服因外部環(huán)境不健全給其帶來(lái)的阻礙，近年來(lái)，在現(xiàn)代經(jīng)濟(jì)社會(huì)關(guān)系中占據(jù)重要地位的銀行關(guān)聯(lián)逐漸成為民營(yíng)企業(yè)的新寵。那么銀行關(guān)聯(lián)對(duì)其負(fù)債融資到底有哪些影響？這些影響又會(huì)受到哪些外部因素制約呢？ 本文以2010-2012年在A股上市的民營(yíng)企業(yè)作為研究樣本，分析了金融發(fā)展水平對(duì)民營(yíng)企業(yè)債務(wù)融資的影響，討論了當(dāng)金融發(fā)展水平限制了企業(yè)的債務(wù)融資進(jìn)而影響其發(fā)展時(shí)，企業(yè)所尋求的替代機(jī)制給其帶來(lái)的貸款效應(yīng)。結(jié)果表明，金融發(fā)展水平確實(shí)會(huì)影響民營(yíng)企業(yè)的債務(wù)融資，同時(shí)銀行關(guān)聯(lián)也能夠給民營(yíng)企業(yè)帶來(lái)一定的貸款效應(yīng)。在此基礎(chǔ)上，進(jìn)一步確認(rèn)在金融發(fā)展水平相對(duì)較低的地區(qū)，銀行關(guān)聯(lián)給民營(yíng)企業(yè)帶來(lái)的貸款效應(yīng)更為顯著。 雖然銀行關(guān)聯(lián)這一非正式制度能夠有效緩解民營(yíng)企業(yè)因正式制度欠缺而面臨的融資約束，但要從根本上改善民營(yíng)企業(yè)的債務(wù)融資現(xiàn)狀，關(guān)鍵還在于完善民營(yíng)企業(yè)公平競(jìng)爭(zhēng)的制度機(jī)制，進(jìn)一步深化金融體制改革，加快落后地區(qū)金融市場(chǎng)化的進(jìn)程，以盡快為民營(yíng)企業(yè)打造一個(gè)健康有序平等的融資通道。
[Abstract]:The reform of our financial industry has made remarkable achievements after more than 30 years of ups and downs. However, the level of financial development in various regions of our country has shown great differences due to the strength of state policy support, resource endowment and other factors. This makes the private enterprises in different regions in the external financing facing a completely different financing environment. Once they are in a financing environment that is not conducive to their own development, private enterprises usually seek informal alternative mechanisms to overcome the obstacles caused by the imperfect external environment. Bank association, which occupies an important position in modern economic and social relations, has gradually become the new favorite of private enterprises. So what is the impact of bank association on debt financing? What external factors will restrict these effects? This paper analyzes the influence of financial development level on debt financing of private enterprises by using private enterprises listed in A shares from 2010-2012 as a research sample, and discusses when the level of financial development restricts debt financing of enterprises and then affects their development. The loan effect of the alternative mechanism that the enterprise seeks to bring to it. The results show that the level of financial development does affect the debt financing of private enterprises, and the bank association can also bring a certain loan effect to private enterprises. On this basis, it is further confirmed that in the regions with relatively low financial development level, the loan effect brought by bank association to private enterprises is more significant. Although the informal institution of bank association can effectively alleviate the financing constraints faced by private enterprises due to the lack of formal system, it is necessary to fundamentally improve the current situation of debt financing of private enterprises. The key lies in perfecting the institutional mechanism of fair competition of private enterprises, further deepening the reform of financial system, speeding up the process of financial marketization in backward areas, and creating a healthy, orderly and equal financing channel for private enterprises as soon as possible.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.4;F276.5

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