政府控制、制度环境与信贷资源配置

将政府控制内部结构与制度环境纳入统一分析框架,深入研究了政府控制内部结构对银行信贷资源配置的影响,以及在不同制度环境下政府控制内部结构对信贷资源配置发挥的作用是否有所不同。研究表明:政府行政级别越低,越有动机干预银行信贷资源配置,帮助其所控制公司获得银行贷款,公司银行借款水平就越高。与通过实业主体控制的公司相比,在政府通过国有资产管理机构控制的上市公司,政府通过干预银行信贷资源配置帮助公司获取银行贷款的行为更为便利,该类公司具有较高的银行借款水平。与制度环境较差的地区相比,在制度环境较好的地区,政府控制内部结构对银行信贷资源配置发挥的作用相对较小。研究有助于深入理解信贷资源配置行为的制度根源。

Government Control,Institution Environment and Allocation of Credit Resources

The objective of this paper is to illustrate and examine the influence of government control inner structure on allocation of credit resources and the diversities between different institutional environments of that influence deeply.Using a six-year panel data of Chinese non-financial listed companies between 2004 and 2009,this paper estimates with correlation analysis and multiple regression analysis.And this research finds that the lower the government rank,the more motivated intervention in the bank credit resources allocation to help companies access to bank loans under its control,and the higher the loan ratio of listed companies.Relative to the listed companies controlled through industry corporates,in the listed companies controlled through state-owned asset management organization by government,the government can intervene in bank credit resources allocation to help companies to obtain bank loans more conveniently,so this pattern of companies have higher loan ratio levels.Relative to the poor institutional environment regions,in better institutional environment regions,the influence of government control inner structure on bank credit resources allocation is relatively small.The major limitation of this paper is using the company-dataset to evaluate the bank credit resources allocation;However,the dataset of bank credit resources allocation from the perspective of bank is not opened.We should continue to deepen the government system reform,reduce the government intervention,and improve the institutional environment.This paper brings the inner structure of government control and institution environment into the unified analytical framework of bank credit resources allocation,not only enriches the related studies of domestic and foreign scholars on bank credit resources allocation,but also helps us to deeply understand the institutional roots of the bank credit resources allocation behavior.