Research On Bank Debt Governance And Private Listed Companies Resilience

Private economy plays an important role in China's economic development.Restricted by institutional and other environment factors,compared with state-owned enterprises,private enterprises not only have the characteristics of small scale,weak anti-risk ability,and strong vulnerability,but also,private enterprises generally face the dilemma of short survival time and high exit rate.In recent years,due to the unpredictable international economic environment and the in-depth advancement of domestic supply-side structural reforms,the survival pressure of private enterprises has increased,and some unexpected risk events have even tested the viability of private enterprises.Organizational resilience focuses on how companies can survive better.Ecology,safety,engineering,psychology,strategic management and other disciplines have discussed organizational resilience.These studies have enriched our understanding of organizational resilience.However,due to the unique theoretical basis of different disciplines,organizational resilience loosely contains a series of corporate phenomena,there is no unified theoretical paradigm,interrelated concepts,and the existing literature lacks empirical research.Therefore,in order to help enterprises resist risks and adapt to key development trends and then achieve high-quality development,how to measure the resilience of private enterprises and how to improve the resilience of private enterprises are important issues to solve.In the resilience building,private enterprises are facing many resource bottlenecks,and the most prominent problem is financing constraints.In terms of debt financing,private enterprises not only face difficulty acquistion and expensive debt,but also the poor debt quality and the relatively high default rate,which challenge the governance of bank debt.In order to better serve the real economy,how bank creditors build medium and long term bank-enterprise relationships to support the private enterprises resilience has important research value.Therefore,this study explores the financial service to enhance the resilience of private enterprises by studying the impact of bank debt governance on the resilience of private enterprises.The main content of this research is to construct the connotation of private enterprises resilience,and to explore the impact of bank debt governance on the resilience of private enterprises from different stages of debt contracts.First of all,it defines and evaluates the connotation of the resilience of private enterprises.Drawing on the research of organizational resilience,the connotation of the resilience of private enterprises is defined separately from resilience process,resilience capability and resilience outcome.And then respectively design indicators for them.Secondly,mechanism analysis of the impact of bank debt governance on private enterprise resilience.According to the governance mechanism of creditor's rights contract,it discusses the influence mechanism of bank creditor's rights on the resilience of private enterprises from the pre,during and after the contract.In addition,the impact of bank debt governance on the resilience of private enterprises is evaluated.For the pre-contract,the paper analyzes the bank credit screening on private enterprises in the different stages of resilience process;for the period during the loan,analyzes the impact of bank claims supervision on the resilience outcome of private enterprises;for the post-contract,analyzes the bank's contingent governance on the resilient capability of private enterprises.At the same time,it discusses the mechanism of bank governance on the resilience of private enterprises around the internal management of private enterprises,and then discusses the adaptive and moderating effects of bank governance based on the macro external environment and the heterogeneity of private enterprises.The main results of this study are as follows:First,the connotation of private enterprise resilience can be defined and measured from different dimensions.The resilience process of private enterprises includes anticipation phase,response phase and adaptation phase,which can be obtained by comparing the performance of private listed companies in two adjacent periods.Second,the resilience outcome of private enterprises can be reflected in the stability and flexibility of private enterprises in a single shock,which can be measured by the loss degree of the stock price and the recovery time of the stock price.In addition,the resilience capability of private enterprises can be comprehensively measured from the four dimensions:resistance,restore,reorganization and innovation.On the whole,the resilience process,resilience outcome and resilience capability of private enterprises have a mutually inclusive and mutually reinforcing relationship,they can build a three-dimensional comprehensive concept of private enterprise resilience,and make the connotation of private enterprise resilience more abundant.Second,before the contract,bank credit screening for private enterprises have significant differences at different stages of resilience process.Specifically,banks grant the most credit and the lowest prices to companies in the adaptation phase,followed by companies in the anticipation phase,and then the response phase.In order to explore the impact of financial development on the bank credit in different resilience process stages of private enterprises,it is found that the bank credit screening for enterprises in the adaptation stage and the anticipation stage will become more relaxed with the improvement of financial development,while the change in the response stage is not clear.Third,for private enterprises at different stages of resilience process and regional financial development,the enterprises' external environment has an impact on the credit screening.In terms of the government intervention,the study found that for places with low levels of financial development,the increase in government intervention helps to increase the credit scale of privates enterprises in the response stage,while for places with high levels of financial development,the decrease of government intervention helps private enterprises to obtain more and lower-cost bank credit in the anticipation stage.For the financial technology,the study found that for private enterprises in the response stage and at the places with high levels of financial development,financial technology mainly optimizes the credit environment and promotes bank credit,but for private enterprises in the anticipation stage and at the places with low level of financial development,financial technology mainly acts as a substitute for bank credit,that is,it inhibits bank credit.Fourth,for the period during the loan,the supervision of the bank creditor has a significant impact on the resilience outcome of private listed companies.Since the resilience outcome of private enterprises can be demonstrated in terms of stability and flexibility,the influence of bank debt supervision can be manifested as a multiple comprehensive effect.Based on the stock market shock in 2015,the study found that the bank supervision and the stability of private enterprises' resilience have an inverted Ushaped relationship,that is,the loss degree of private enterprises increases with the expansion of bank supervision,and after reaching the extreme point,it then decreases with the expansion of bank supervision.Moreover,the bank supervision will reduce the flexibility of private enterprise resilience,that is,as the scale of bank credit expands and the proportion of short-term loans increases,it will further weaken the probability of private enterprise stock prices recovering from the shock.Fifth,the impact of bank debt supervision on the resilience outcome is affected by the heterogeneous characteristics of private enterprises.For the corporate strategy,it is found that the lower the level of corporate strategy difference,the stronger the inhibitory effect of bank debt supervision on the stability and flexibility of resilience outcome;for the corporate knowledge inventory,it is found that the lower the level of corporate inventory,the stronger the inhibitory effect of bank creditor's supervision on the stability and flexibility;for the corporate social resources,the weaker the corporate social capital,the stronger the inhibitory effect of bank supervision on the stability and flexibility of resilience outcome.Sixth,for the post-contract,the bank contingent governance has a significant negative impact on the resilience capability of private enterprises.In addition,the contingent governance of bank creditor's rights mainly reduces the resilience of private enterprises through two intermediary channels:improving corporate management and reducing the aggressiveness of corporate financial policies.Seventh,the impact of bank contingent governance on the resilience capability of private enterprises is affected by external environment changes and creditor protection.In terms of macroeconomic fluctuations,when the economy is in an upward period,bank contingent governance will significantly inhibit the resilience capability of private enterprises,but when the economy is in a downward period,the former will not have a significant impact on the latter;for the uncertainty of economic policy,when the level of economic policy uncertainty is low,the contingent governance of banks has a greater inhibitory effect on the resilience capability of private enterprises;in terms of the contract system,the contingent governance of bank in areas with a higher contract system has a greater inhibitory effect on the resilience capability of private enterprises.Finally,according to the research conclusions,corresponding countermeasures are given to improve the resilience of private enterprises by bank debt governance:continue to promote the implementation of policies supporting the reform and development of private enterprises,create a loose business environment for private enterprises,then enhance the resilience of private enterprises;to give full play to the bank creditors' governance and enhance the resilience of private enterprises,the government can further improve relevant laws to allow banks to carry out diversified governance methods;the government should formulate differentiated intervention policies for the allocation of credit resources to improve resilience of private enterprises;China Banking Regulatory Commission should further improve the bank's risk tolerance,implement precise policies to encourage innovation;develop financial technology;private enterprises should strengthen strategic construction,improve knowledge inventory,expand social resources,and enhance their own resilience.In short,private enterprises,banks,financial regulatory authorities,and the government should work together and cooperate with each other to improve the resilience building of private enterprises while strengthening the governance of bank debt.