| In recent years,the rapid development of entrusted lending business has broadened corporate financing channels,but due to the imperfection of effective regulation and disclosure rules,there are still certain chaos and hidden dangers in the business,which may affect the overall healthy development trend of the market.Current research on entrusted loans focuses on the motives and impact consequences,especially at the macro level,while less attention is paid to the path mechanism of entrusted loans at the micro enterprise level.Based on the equity relationship perspective,this paper studies the effect of the relationship between the shareholdings of the two parties to the transaction and the controlling shareholder’s holding structure on the characteristics of entrusted loans,which has practical implications for the standardization of entrusted loans.The research mainly includes: firstly,an in-depth investigation into the mechanism of the influence of equity relationship on entrusted loans,the construction of a theoretical model,deductive analysis to draw inferences,and hypotheses combined with literature studies;secondly,the design of relevant variables,the construction of an empirical model,and the preliminary analysis of data;then,an empirical test of the influence of equity relationship on entrusted loan characteristics,simultaneous robustness and endogeneity tests,and an exploration of the entrusted loan Finally,the heterogeneous effects of industry and firm characteristics are analyzed through moderating effects,and further tests of other characteristics are conducted.This paper takes Shanghai and Shenzhen listed companies as the research object,and explores the entrusted loan transactions announced within 2008 to 2020,and obtains the following research conclusions: first,the existence of shareholding relationship between the two sides of the transaction significantly reduces the interest rate of entrusted loans and increases the possibility of interest rate preference,which shows the tendency of listed companies to support their subsidiaries,the separation of the two rights of controlling shareholders to lenders,the lower the interest rate of entrusted loans,the higher the interest rate preference probability is greater,reflecting the capital transfer behavior of controlling shareholders.Second,the new regulations on entrusted loans issued in 2015 and 2018 have a significant impact on the relationship between equity relations and entrusted loan interest rates,which restrains the behavior of transferring funds through entrusted loans to companies with two separate rights.Third,the impact of equity relationship on entrusted loan interest rates is heterogeneous,and the characteristics of equity relationship in reducing entrusted loan interest rates are weakened in firms with characteristics of low market competition,not subject to credit discrimination,high short selling pressure,and supported by industrial policies.Fourth,when the controlling shareholder separates the two rights of the lender,high control and cash flow rights can weaken its capital transfer motive;the entrusted loan with support motive is usually smaller in size considering its own ability and future development in a comprehensive manner;the longer the borrowing period of the associated type of entrusted loan,the higher the interest rate usually,in line with the overall market law. |
