黑龙江八一农垦大学学报2016，Vol.28Issue(5)：123-127,5.DOI:10.3969/j.issn.1002-2090.2016.05.025
产权性质与债务融资成本差异的实证研究
Empirical Research of the Difference between Property Right Nature and Debt Financing Cost
摘要
Abstract
The listed corporations of A share in Shanghai and Shenzhen stock markets from 2007 to 2012 were selected as the data samples to study the debt financing cost differences among money-borrowing enterprises under the different background of property rights. On the basis of controlling other variables,an empirical analysis was made by the effect of property right nature of the listed companies on the debt financing cost,the basic conclusion was as follows:property right nature had significant effects on debt fi-nancing cost. Compared with state-owned enterprises,private enterprises had higher prices. This might be due to state-owned enter-prises reflect the stronger debt paying ability,the credit evaluation cost of state-owned enterprises was lower,the loss possibility of the bank was small in the future. For private enterprises,information for sufficient and comprehensive evaluation was not easy to get. Banks easily suffered the possibility of future losses caused by the problem of agency with private enterprise;therefore private listed companies had certain credit constraint problems on the market.关键词
产权性质/债务融资成本/民营信贷约束Key words
property right nature/debt financing cost/private credit constraints分类
管理科学引用本文复制引用
任秀梅,董艳,柳汶言,杜慧慧..产权性质与债务融资成本差异的实证研究[J].黑龙江八一农垦大学学报,2016,28(5):123-127,5.基金项目
黑龙江省社科基金一般项目（黑龙江省产学研协同创新体系的运作机制及对策研究15GLB08）。 （）
