Research On The Influence Of Marketization, Enterprises’ Property To Obtain Bank Loans

The financing problem of private enterprises is the core issue for government and academia. Bank loan is one of the private enterprises’ major financing sources which have a great significance to their development. Prime Minister Li Keqiang pointed the private enterprises’ financing problem repeatedly. As an important part of economy, the private enterprises are not only the main strength of the country’s economic sustainable development, but also have a contribution to employment, agriculture, rural areas and farmers problems. At the same time, marketization is an important reform of our country, to explore the influence of marketization in resource allocation and enterprises’ bank loan is very meaningful, it will have important significance to the development of enterprises in the future.On the basis of listed companies’ empirical data, this paper makes a test against the “property discrimination” existing in the process of bank credit, and discusses the influence of marketization. The main results indicate that: ○1 “property discrimination” is exists and mainly reflected in the long-term loan. Private enterprises get more short-term loan to make up for the lack of borrowing. On the same time, state-owned enterprises are able to get loans at a lower cost. ○2 Marketization brings more competition between banks, to control the risk, the bank would reduce the long-term loan and put more short-term loan to attract customers, it would close the gap of debt structure between state-owned enterprises and private enterprises. ○3 The influence on the state-owned enterprises is more obvious than the private enterprises. Because of complicated external competition, the government may reduce the control of bank and state-owned enterprises will gradually lose credit advantage. But the private enterprises still have more difficult to get long-term loans. ○4 Marketization reduces the financing cost of all enterprises, but the reason is not the easing of “property discrimination”, the discrimination for private enterprises has not been solved significantly.