Credit Policy,Banking Structure And Corporate Debt Financing

Debt financing is an important way of enterprise financing,macro credit policy through the bank affects the corporate debt financing,so enterprises in determining the size of the debt financing,in addition to the consideration of the enterprise’s own characteristics and governance factors such as micro economic factors,but also consider the macroeconomic factors such as changes in credit policy.At present,the development of China’s financial market is not perfect,the bank is still important as a financial intermediary,to solve the general problems on the issue of financing of enterprises cannot do without the support of the bank,so it is important to further deepen financial reform,optimize the structure of the banking sector to solve the difficult problem of financing of enterprises.However,in the past were studied through the macro credit policy will affect the effect of bank lending channel micro enterprise debt financing and banking structure of debt financing for small and medium-sized enterprises,and not from the relationship between the overall level of credit policy,the structure of the banking and corporate debt financing of the three,this paper will further analyze the relationship between the three and then from the enterprise property and industry growth perspective of the impact of banking structure on credit policy mechanism.This paper selects the sample data from 2003-2015 Shanghai and Shenzhen two A shares of listed companies as the research object,respectively,to change the supply of credit(long-term credit growth rate)and credit policy tools(long-term credit spreads)as a proxy for credit policy,from banking ownership structure(CR4)and the banking market structure(HHI)to measure banking structure and financial leverage to measure corporate debt financing,empirical studies using the method of system demonstration for this opinion.First,demonstrates the credit policy and debt financing relationship,that leverage with the credit easing(contraction)increases(decreases),but also in the economy upward,positive correlation between credit policy and debt financing is more significant.Second,the relationship between banking structure and corporate debt financing is demonstrated.Through multiple regression analysis,it is found that the more dispersed the banking structure,the higher the debt level of the enterprise.Third,combining with the situation of China’s overall economic operation,China’s credit policy regulation period is divided into upward economic period and the period of economic downturn,demonstrated in the macroeconomic environment in different periods,the effect of financing structure on banking credit policy to corporate debt.Through the study,we find that the more dispersed the banking structure,the more significant the impact of credit policy on corporate debt financing,and the effect is more significant in the economic upward period.In the further analysis,this paper examines the role of banking structure on credit policy impact on the heterogeneity of enterprise debt financing from the property right and industry growth angle,demonstrates the structure of the banking sector more dispersed,credit policy applies to non state-owned enterprise debt financing effect is more significant and the decentralized banking structure makes the credit policy a great influence on the growth of enterprise debt financing.Finally,this paper based on the empirical conclusions from the improvement of corporate debt financing,local banking development and improve the construction of social credit system in three aspects and put forward some suggestions.These suggestions will help to improve the current banking structure,reduce the asymmetric information between banks and enterprises,optimize the allocation of financial resources,and it plays an important role in further enterprises financing problems to solve the debt.The research will help clarify in different macro environment,and that influence of banking structure on credit policy through the bank lending channel in heterogeneous enterprise debt financing effect,improve the relevant institutions and more attention on the banking structure construction,and it provide theoretical and data support for the improvement of relevant laws and regulations.