| Compared with China's rapid economic development,the existing financial markets have been unable to provide powerful support for enterprise development,under the general credit constraints,limited financing borrowers,particularly small and medium enterprises,often use informal financing channels as the main source of funds.This has led many non-financial companies to start relending.With the 2015 new judicial interpretation of the "general",between countries has been clear about the enterprise for the production and business operation activities and behavior law the interbank funds will support each other,at the same time for non-financial corporate use of credit funds to engage in lending activity more strict regulatory requirements are put forward.Currently,the financial environment faced by enterprises is more complex and changeable.When making investment decisions,they are attracted by high interest income,and there is no good measure of potential credit and compliance risks.Therefore,the systematic and comprehensive research on the characteristics and influencing factors of the re-lending behavior of enterprises can provide some practical basis for the formulation and implementation of the supervision policies in the future.Non-financial listed companies in China based on the lending activity again as the main research object,first of all,the reference literatures of scholars both at home and abroad,based on theoretical analysis,put forward in this paper,the definition of corporate lending again for enterprises to obtain bank loan is the excess funds for production and operation,or more than once again in the form of a loan lending to small and medium-sized enterprises of shadow banking activities.Secondly,two sets of behavioral feature models are constructed from the perspective of corporate financing mode and capital flow.At the same time,build the excess receivables ratio calculation model,obtained the industry average of non-financial listed companies in China the excess of receivables,and finally,with non-financial listed companies in China from 2000 to 2016 as sample,the sample according to the situation of enterprise control into two groups,the state-owned and non-state-owned,respectively,to participate in the case of lending again;Furthermore,it discusses the influence of equity concentration and corporate profitability and growth ability on enterprise relending activities.Based on the theoretical analysis and empirical research,mainly the following four conclusions: first,starting from the enterprise financing model,found that the sample enterprise's financial assets and financial liabilities show significant positive correlation between,and this relationship were significantly exist in state-owned enterprises and non-state-owned enterprises,suggests that non-financial listed companies in China are lending again.Second,through the trace on the balance sheet of the relevant subject in the flow of funds,found that between 2000 and 2016 samples of company financial liabilities and the accounts receivable has significantly positive correlation,but the estimated coefficient is bigger in the state-owned enterprises,which further illustrates the non-financial listed companies involved in lending activity again,and they have a larger state-owned enterprises.Third,according to the theory on the impact of ownership concentration on corporate finance analysis,found the ownership concentration on corporate lending again presents the significant role in promoting,at the same time found by comparing the ownership concentration on corporate lending activity again promote function mainly reflects in the state-owned enterprises.Fourth,from the perspective of corporate profitability and growth ability of the empirical analysis,it is found that corporate profitability and growth ability of enterprise and lending activity has significant inhibitory effect,the stronger the profitability and growth ability of the enterprise is less involved in lending activity again. |
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