Under the unified analytical frame for the integration of behavioral finance theory、enterprise organization theory and credit rationing theory, the holding of bank ownership is selected as a research perspective and constructs a bank credit allocation model based on the heterogeneous expectations to analysis the impact of bank equity connection and banking competition on the financing constraints of private enterprises. Based on the data collected about A-share private listed companies from 2006 to 2013,the objective of this paper to explore the relationships among bank equity connection, banking competition and the financing constraints of private enterprises by Heckman two-stage model, cash-cash flow sensitivity model etc. It's found that holding bank ownership or improving banking competition can significantly ease the financing constraints of private enterprises, this effect is positively correlated with the shareholding proportion, and their roles are interchangeable in easing financing constraints. However, the further study indicates that the impact of bank equity connection on the capital allocation efficiency of private enterprise is two-fold. On the one hand, the financing advantages of bank equity connection can alleviate the under-investment caused by the shortage of funds. On the other hand, the existence of agency problems may lead to the part alienation of bank equity connection. If so, the positive effect of bank equity connection on the capital allocation efficiency will be weakened and may even reverse. The above findings not only enrich the related research achievement of principal-agent theory and corporate financial theory, but also contribute to a comprehensive and in-depth understanding of the "bright side" and "dark side" of bank equity connection, and provide some theoretical and experimental evidence to the gradual reform of banking industry.
LIU Xing, JIANG Shui-quan
. Bank Equity Connection, Banking Competition and Financing Constraints of Private Enterprises[J]. Chinese Journal of Management Science, 2015
, 23(12)
: 1
-10
.
DOI: 10.16381/j.cnki.issn1003-207x.2015.12.001
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