A Study On The Rationality Of Credit Difference In Different Ownership Enterprises

For a long time bank credit resources is the most important source of funds for corporate finance in China,and the marketization of credit resources is of great significance to the healthy and stable development of China’s economy and society.At present,China’s economy is at a turning point,and the scarcity of credit resources also makes banks play a decisive role in the allocation of credit resources.After more than 30 years of market reform,the characteristics of commercial banks operating on the principle of marketization are becoming more and more obvious.The credit resources are gradually distributed in accordance with the principle of market efficiency.Although the market-oriented reform of commercial banks weakened the impact of government intervention,but China’s credit resources are still concentrated in state-owned banks,the government can still have an impact on the allocation of bank credit resources.In order to verify the rationality of the credit allocation of commercial banks,whether banks are discriminatory loans to different ownership enterprises,and analyze the impact of market reform on the allocation of bank credit resources.Based on the data of 2003-2015 listed companies,this paper uses the panel regression model and Blinder-Oaxaca regression method to decompose the credit allocation from the perspective of credit scale,credit term structure and credit financing cost,to examine whether the difference of enterprise income is the main reason for the difference of credit allocation.This paper draws the following conclusions:①The difference of credit scale between state-owned enterprises and non-state-owned enterprises,the difference of credit term structure mainly comes from the difference of enterprise endowment,and the allocation of credit funds and loan term is in line with the principle of market management.The difference in financing costs between state-owned enterprises and non-state-owned enterprises can’t be explained by differences in enterprise endowments.Commercial banks have "discriminatory"ownership of non-state-owned enterprises.And with the advancement of the commercialization of commercial banks,there is no substantial improvement in this situation.③The market-oriented reform of commercial banks is basically effective in allocating loan size and loan term,but the government’s active intervention in credit allocation is still useful;but the commercial bank market reform fails to improve the "ownership discrimination"reflected in the cost of credit financing,and once The government’s active intervention in the market,non-state-owned enterprises suffered more serious degree of discrimination.