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An Empirical Study on Impact of Bank Loans to the Performance of Listed Companies on SME Board

Author: LiYi
Tutor: YinZhiChao
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Bank loans SMEs Listed Companies Corporate Performance
CLC: F832.4;F224
Type: Master's thesis
Year: 2010
Downloads: 251
Quote: 1
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Abstract

Debt financing has been the company an important financial decisions, governance effect of debt financing related issues are also the focus of academic attention. Traditional financial theory, agency theory, information economics and other fields scholars tax-exempt debt financing and financial leverage, lower financing costs, improve corporate governance and other aspects of a lot of research. These studies enabled us to debt financing on firm value with a deeper understanding of governance effect. However, these studies are all debt as a \Because of the special circumstances of the developed Western countries compared to the bond market, China's corporate bond market has just started, the issue conditions are harsh, the market size is small, for the majority of SMEs, the issuance of corporate bonds is still a long way to go. Bank loans are listed companies in China the most important forms of debt financing. However, most of our commercial banks and the nationalization of corporate long-term borrowings, both by the public ownership eventually representatives - government control, debt financing contract market is low. For a long time, China's academic enterprise bank loan financing of this debt problem is not given enough attention. 2003 started commercial banks since the market-oriented reforms, the problem eased, but have not been fundamentally resolved, with the deepening of reform, the role of commercial banks' claims could reflect governance, bank loans, whether to become an impact on the value of the company focus of this study. This article in the absorption of domestic and foreign debt and banking governance effect on corporate governance theory and empirical basis of the research results, combined with China's actual conditions, discusses the listed companies of small plates of bank loans to corporate performance. Claims governance role to play in the case, the company's ability to improve governance, company performance should be better. Value of the company reflected in the stock market for the company's stock price, and a large part of the stock price increase depends on the company's operating results in the long run, the better the company's operating performance is relatively high stock value, showing that our results of operations and the value of the company there is a close relationship between. This article mainly from the bank claims on the company's governance role, thus affecting the performance of the company listed in this perspective to study the structure of bank loans impact on firm value. Through empirical claims of listed companies in order to discover whether the effects of governance to play its due role, to further improve the governance of listed companies' claims, but also for the development of China's enterprises to provide debt management guidelines. Introduction This article describes some of the major topics of the background and significance of this analysis methodology and logical framework. The second chapter of modern financing structure theory review, Modigliani and Miller professor of modern capital structure theory made the most outstanding contribution to their papers published in 1958 is the company's most important cornerstones of financial theory, their theory is called MM theory. After this, the rapid development of corporate financing structure theory, this paper introduces the \Next article explains the creditor governance theory, focusing on the signal from the principal-agent theory and theoretical comparison of two different perspectives on bank loans and corporate bonds of two different impact on the company claims. About the role of supervision and management of bank loans, domestic and foreign scholars have done a lot of relevant empirical research, this paper lists related to some valuable findings, and the findings made a brief introduction. As China's capital market formation and development of particularity has its particularity, has experienced ten years of development, is basically an immature, imperfect market. Mainly in comparison with developed capital markets, corporate bond market is too small. The third chapter introduces the development of China's bond market, the development of corporate bond market earlier, but due to various reasons, the slow development of the corporate bond market, bonds are mostly confined to the subject of state-owned enterprises and large companies, SMEs very difficult issue of corporate bonds, bonds become a collection of small and medium enterprises to issue bonds innovations, in April 2009 approved the issuance of debt collection Dalian is China's third SME support SME debt. SME collective bonds can be promoted, remains to be seen. Next article briefly introduced China's banking system, pointing out that China's commercial banks administrative system restricted its development, and to some extent caused by the difficult problem of SME financing, although the number of banks in the country increased year by year, but the majority of SMEs financing needs can not be met far, the bank's financing support for SMEs is not enough. The article also provides some relevant data. Financing Status of this chapter is to introduce the next major empirical analysis provides realistic background. Chapter IV of empirical research is the article's focus on the ultimate goal of this article is to attempt to discover the performance of bank loans to the company's role in bank loan is there to enhance the company's value and operating results. Through empirical analysis to examine the governance role of bank loans and puts forward suggestions and countermeasures. In this paper, the end of 2008 in Shenzhen SME board listed companies 601 273 sets of data for the sample. The empirical results show that bank loans significantly increased small board listed company's value, but the bank governance exist soft constraints, the loan on company performance is not significant; right bank loan maturity structure of the regression results show: Short-term loans ratio and firm performance is related to the proportion of long-term loans negatively correlated with company performance. Finally, the empirical part of the study, based on further analysis on the empirical results. And some suggestions, including: specifically including promoting market-oriented interest rate reform, vigorously develop corporate bonds and corporate bond market, continue to promote market-oriented reform of commercial banks, improve corporate insolvency regime. Thereby improving our relationship between banks, banks play a governance role in promoting better and faster development of SMEs.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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