公司治理：大贷款人监督及其经济后果(1)

RESEARCHREPORTCorporateGovernance:LargeCreditor’sMonitoringandItsEconomicConsequencesIIIIIIIVAbstractThisstudyinvestigatesthemonitoringeffectsofthecommercialbanksonthelendingfirmsanditseconomicconsequencesinChina.Wechoosethelistedcompaniesasourresearchsamples,applythetheoriesofinformationasymmetryandagencytoanalyze,andmakeareviewoftheliteraturesonthelargecreditormonitoring.Basedontheinvestigationofthepracticeinthebanks,wesummarizetheprofessionalexperience.Usingmultivariateregressions,weexaminethesensitivityoftheloanpolicies,suchasamount,duration,andsecuritiesoftheloans,onthefinancialsituationofthelendingfirms,andextendthestudytoeconomicconsequenceoftheloanpoliciesonthevalueandtheaccountingperformanceofthelendingfirms.Ourmajorconclusionsare,firstly,thecreditormonitoringeffectonthefirmsexistsinChina.Banksareabletomonitorthefinancialsituationofthelendingfirmsthroughchangingtheamountofloantheyoffered.Secondly,themonitoringeffectsvarywiththeamount,durationandthetypeofsecuritiesoftheloans.Long-termloansaremoreeffectivethanshort-termonesinmonitoring,andthedynamicamountofloansaremoreeffectivethanthestaticones,alsoarethemortgagedloansthantheguaranteedones,andtheguaranteedloansthanthefiduciaryones.Thirdly,theloanpricingalsohasmonitoringeffecttoacertainextent.Finally,largecreditormonitoringwillleadtoacertaineconomicconsequenceinthelenders.Long-termloanswillincreasethefirmvalue,whileshort-termloanswilldecreasetheROEofthenextperiodofthefirms.Keywords:corporategovernancelargecreditormonitoringloandurationloanpricingvalueoffirm1234567891011121314151617181920212223242526272829303132333435363738394041424315635712346891111011121314151617181920YaaINDaAREAaYEARaLNTOATaSUBaAUDITaPOSITaEXFUaRECUAnniinnaSTPEaSTCHaCOLLAaLAWSaDEBTRTaCURTRTaROEaROSaCASHCDaGROWTAaTURNTAe=+++++++++∑∑∑===++++++++++++4445464748495051525354555657585960616263646566676869707172737475767778798081828315635712346891111011121314151617181920INTERaaINDaAREAaYEARaLNTOATaSUBaAUDITaPOSITaEXFUaRECUAnniinnaSTPEaSTCHaCOLLAaLAWSaDEBTRTaCURTRTaROEaROSaCASHCDaGROWTAaTURNTAe=+++++++++∑∑∑===++++++++++++84deintbttotdebt×∑deintbttotdebt×∑8586AREA654321MissingMeanINTEREST7.06.56.05.55.04.520001231200112312002123120031231AREA654321MissingMeanINTEREST7.06.56.05.55.04.52000123120011231200212312003123187INDUSTRY151413121110987654321MissingMeanINTEREST8765432000123120011231200212312003123188INDUSTRY151413121110987654321MissingMeanINTEREST8.07.57.06.56.05.55.04.54.020001231200112312002123120031231899091929394959697989910010115535712346111DVaaINDaAREAaYEARaLNTOATaSHBANKaMORTaSECUenniinn=++++++++∑∑∑===15535712346111DVaaINDaAREAaYEARaLNTOATaLOBANKaMORTaSECUenniinn=++++++++∑∑∑===1021031041051061071081091101111998“”20046272003715200261220045202003319“”20034“”20037“”“”2002520038200111200411http//(1973)Theeffectofaffregatingaccountingreportsonthequalityofthelendingdecision:anempiricalinvestigation,JournalofAccountingResearch(11):104-138.Abdel-Khalik,AR.,andK.M.El-Sheshai(1980)Informationchoiceandutilizationinanexperimentondefaultprediction.JournalofAccountingResearch(18):325-342.Adams,M.,B.BurtonandP.Hardwick(2003)ThedeterminantsofcreditratingsintheUnitedKingdominsuranceindustry,JournalofBusinessFinanceandAccounting(30):539-572.Almazan,A.andJ.Suarez(2003)Managerialcompensationandthemarketreactiontobankloans.ReviewofFinancialStudies(16):237-261.Altman,E.(1968)Financialratios,discriminantanalysisandthepredictionofcorporatebankruptcy,JournalofFinance(September)Ball,R.andP.Brown(1968)Anempiricalevaluationofaccountingincomenumbers,JournalofAccountingResearch(Autumn):159-178.Barclay,M.J.,andC.W.Smith,Jr.(1995)Thematuritystructureofcorporatedebt,Journaloffinance(50):609-632.Berlin,M.andL.Mester(1990)Debtcovenantsandrenegotiation,JournalofFinancialIntermediaiton(2):95-133.112Berger,A.N.andGregoryF.Udell(1995)Relationshiplendingandlinesofcreditinsmallfirmfinance,JournalofBusiness(68):351-381.Best,R.andH.Zhang(1993)Alternativeinformationsourcesandtheinformationcontentofbankloans,JournalofFinance(48):1507-1522Billet,M.T.,M.J.Flannery,andJ.A.Garfinkel(1995)Theeffectoflenderidentityonaborrowingfirm’sequityreturn,JournalofFinance(50):699-718.Boot,A.W.A.,andThakor,A.V.(1994)Moralhazardandsecuredlendinginaninfinitelyrepeatedcreditmarketgame.InternationalEconomicReview(35):899-920.Boyd,J.,E.Prescott(1986)Financialintermediary-coalitions.JournalofFinancialTheory(38):211-232.Casey,Jr.C.J.(1980)Variationinaccountinginformationload:theeffectonloanofficers’predictionsofbankruptcy,AccountingReview(January):36-49.Chen,K.C.W.,andK.C.J.Wei(1993)Creditors’decisionstowaiveviolationsofaccounting-baseddebtcovenants,AccountingReview(68):218-232.Chung,K-H,D.Ghicas,andV.Pastena(1993)Lenders’useofaccountinginformationintheoilandgasindustry,AccountingReview(68):885-895.Datta,S.,M.Iskandar-Datta,andK.Raman(2003)Valuecreationincorporateassetsales:theroleofmanagerialperformanceandlender