銀行貸款監(jiān)督、政府干預(yù)與自由現(xiàn)金流約束——基于中國上市公司的經(jīng)驗證據(jù)

摘要： 銀行貸款作為一種重要的公司治理工具,能夠約束公司自由現(xiàn)金流的代理成本。以往的研究往往關(guān)注銀行貸款的融資功能,較少關(guān)注銀行貨款的微觀治理功能。本文從銀行貸款監(jiān)督的理論框架出發(fā),實證檢驗了銀行貸款監(jiān)督對自由現(xiàn)金流代理成本的約束作用,并進(jìn)一步分析了政府干預(yù)對銀行貸款監(jiān)督效率的影響。實證研究發(fā)現(xiàn):①對于低增長的公司,企業(yè)的自由現(xiàn)金流量越高,代理問題越嚴(yán)重。②短期銀行貸款和長期銀行貸款都能約束自由現(xiàn)金流量的代理成本,但短期銀行貸款的監(jiān)督作用更強(qiáng)。③進(jìn)一步考慮政府的信貸干預(yù),我們發(fā)現(xiàn),在政府干預(yù)較弱的地區(qū),短期銀行貸款的監(jiān)督作用更加顯著。本文的研究結(jié)果表明,中國上市公司存在嚴(yán)重的自由現(xiàn)金流代理成本問題,銀行貸款能約束自由現(xiàn)金流的代理成本,但銀行貸款自身的特征和制度環(huán)境決定了其監(jiān)督效應(yīng)的局限性。為進(jìn)一步發(fā)揮銀行大貸款人的監(jiān)督作用并降低自由現(xiàn)金流的代理成本,應(yīng)對上市公司進(jìn)行分類治理、加強(qiáng)銀行業(yè)競爭,降低政府對銀行的信貸干預(yù)。
Bank loan is an important corporate governance tool which can constrain the agency costs of free cash flow.Previous studies tend to focus on the financing function of the bank loan,less concerned about the bank’s micro-governance function.This article tests the bank loan’s supervision role on the agency costs of free cash flow from the theoretical framework,further analyze the impact of government intervention on bank loan’s supervision efficiency.The empirical study has found that: ①For low growth companies,the higher the free cash flow is,the more serious the agency problem will be;② Short-term bank loans and long-term bank loans can inhibit the agency cost of free cash flow,but the supervision of short-term bank loans has stronger effect;③ Further considering the intervention of government,we have found that the supervision of short-term bank loans will have more obvious effect in districts where government puts less intervention.The result of the research shows that there is serious agency cost of the free cash flow in China and bank loans can inhibit the agency cost of free cash flow.However,the characteristics of bank loan and the system environment limit its supervision.In order to give full play to the supervision of banks’ big lenders effect and reduce the agency cost of free cash flow,we should classify listed companies to manage,increase the bank industry competition,and reduce the intervention of government on bank credit.