A Study On The Influence Of Bank-enterprise Relationships On The Term Structure Of Listed Companies' Loans

In 2018,the ratio of RMB loans granted to the real economy in the scale of social financing in China is as high as 81.4%.It can be seen that bank loans play a major role in the financing of Chinese enterprises.On the basis of obtaining enough loans,enterprises also need to maintain a good loan term structure suitable for their own production and operation,in order to better support the stable development of enterprises.However,in recent years,the long-term loans of enterprises have been declining year on year.Among them,the proportion of long-term loans of Listed Companies in total loans has been declining,and the term structure of loans needs to be improved.A good relationship between banks and enterprises can provide implicit guarantee for loans of enterprises.In addition,a good relationship can reduce information asymmetry between banks and enterprises,and reduce uncertainty and risks.So the good relationship change the choice of loan term between banks and enterprises,which will help to improve the possibility of enterprises obtaining long-term loans.Therefore,it is urgent to deal with the relationship between banks and enterprises.This paper is based on this background to study the influence of bank-enterprise relationship on the loan term structure of listed companies,which has strong practical significance.This paper draws on and refers to the research results of scholars at home and abroad on the relationship between banks and enterprises and the term structure of enterprise loans,and combines relevant theoretical knowledge.By using literature research,normative analysis and empirical analysis,this paper studies the influence of bank-enterprise relationship on the loan term structure of listed companies.On the basis of qualitative analysis of the influence of bank-enterprise relationship on the loan term structure of listed companies,a dynamic panel model is established to empirically analyze the influence of bank-enterprise relationship on the loan term structure of listed companies.The empirical results show that the length and depth of bank-enterprise relationship have a positive effect on the loan duration of listed companies,the scale of bank-enterprise relationship has a negative effect on the loan duration,and the distance of bank-enterprise relationship has no significant effect on the loan duration.On the basis of empirical test,it provides new ideas for listed companies to adjust the term structure of loans.Listed companies should maintain long-term stable relationship with related banks,improve their own management level and improve information disclosure.At the same time,it also provides some suggestions for banks and governments,including strengthening cooperation with listed companies,improving internet financial service platform,and establishing adaptive relationship lending.The government should establish and improve the laws and regulations on bank-enterprise credit,and strengthen the further supervision of relationship loans.