Legal Background Monopoly And The Scale Of Bank Loan Financing

The relationship between the independent director system and bank loan financing has always been one of the important issues in corporate governance theory research,and the study of independent director system from the perspective of legal background is a hot spot in recent research.At present,scholars' research shows positive and negative views on the relationship between the independent directors with legal background and the scale of bank borrowing.In addition,there is a lack of clear understanding of the transformation mechanism and path between the independent directors with legal background and the scale of bank loan financing.Therefore,on the basis of sorting out the relevant theories and reviewing the relevant literature,this paper combines the independent directors with legal background with the enterprise violation,and constructs the intermediary effect model of the relationship between the independent directors with legal background and the scale of bank loan financing.On the one hand,it studies the direct effect relationship between "the independent directors with legal background and the scale of bank loan financing","the independent directors with legal background and enterprise violation","enterprise violation and the scale of bank loan financing".On the other hand,it studies the intermediary role of corporate irregularities in the influence of the independent directors with legal background on the scale of bank borrowing,in order to verify whether corporate irregularities can become the transformation mechanism between the independent directors with legal background and the scale of bank borrowing.In this paper,940 private enterprises in Shanghai and Shenzhen A-share market from 2014 to 2017 are taken as the research objects.Descriptive analysis,multiple linear regression analysis,correlation analysis,Sobel test and other methods are used to carry out empirical analysis,and the following conclusions are drawn.In terms of direct effects:(1)there is a negative correlation between the independent directors with legal background and the scale of bank loan financing;(2)there is a negative correlation between enterprise violation and the scale of bank loan financing;(3)there is a positive correlation between the independent directors with legal background and enterprise violation.In terms of intermediary effect,corporate irregularities play a part of intermediary effect in the impact of the independent directors with legal background on the scale of bank loans.This study enriches the research on the relationship between independent director system and bank loan financing,and explores the mechanism of transformation between them,which has certain theoretical and practical significance.Firstly,the accumulation of literature on the independent directors with legal background,enterprise violations and the scale of bank loan financing has been increased,which provides a further theoretical basis for the functional orientation of the independent directors with legal background.Secondly,make enterprises aware of the adverse consequences of violations,consciously strengthen the awareness of risk prevention and improve corporate governance.Finally,it is conducive to improving the supervision efficiency of the regulatory authorities,increasing the supervision of the independent directors with legal background and punishing enterprises for violations,and promoting the healthy development of the capital market.