上市公司参与高息委托贷款研究：行为动机、驱动因素和经济后果

In recent years, as an important proportion of the shadow banking system, entrusted loans constitute their rapid increase in the share of total amount of social financing, and play an increasingly important role. Since 2007, listed firms have been more involving in issuing entrusted loans. These activities have their own new features, including high interesting rate and becoming significant part of firms' net profit. Our project aims to discuss the speculation motive of participating in issuing high-interest entrusted loans by using cash holding theories. Furthermore, we detect internal and external driving factors of the relation between issuing high-interests entrusted loans and cash holding level. Last but not least, we investigate the economic consequences of issuing high-interest entrusted loans, including influence on firms’ innovation activities, investment levels, operation performance, accounting information quality and firms' market value. This project enriches existing literature on exploring motivation, driving factors and economic consequences of lenders in shadow banking system. Meanwhile, this project sheds some light on improving resource allocation efficiency, promoting the interest rate liberalization and helping CSRC form better supervision policies.

近几年来，作为影子银行系统重要构成，委托贷款占社会融资总量比例飞速提高，有着越来越重要的地位。2007年以来，上市公司越来越多的介入委托贷款活动，表现为放款利率高息化和放款利息占企业利润比例逐年增加的特点，存在资金投机的现象。本项目拟结合现金持有动机的相关理论，讨论从事高息委托贷款的行为动机，并结合内外部因素考察从事高息委托贷款与企业现金持有水平的相关关系。在此基础上我们还将考察从事高息委托贷款对于企业创新活动、投资水平、经营业绩和会计信息质量的影响，最后我们将从资本市场的角度考察其对于企业价值的影响。本项目从微观层面考察了参与影子银行的放款方的行为动机、驱动因素和经济后果，丰富了相关领域的研究，同时对于优化市场资源配置效率、利率市场化和上市公司监管也有启示。

近几年来，作为影子银行系统重要构成，委托贷款占社会融资总量比例飞速提高，有着越来越重要的地位。2007年以来，上市公司越来越多的介入委托贷款活动，表现为放款利率高息化和放款利息占企业利润比例逐年增加的特点，存在资金投机的现象。本项目从代理理论出发，讨论从事高息委托贷款的行为决定因素，并结合内外部因素考察从事高息委托贷款的动因。在此基础上研究从事高息委托贷款对于企业创新活动、会计业绩、市场业绩和会计信息质量的影响。本项目从微观层面考察了参与影子银行的放款方的行为动机、驱动因素和经济后果，丰富了相关领域的研究，同时对于优化市场资源配置效率、利率市场化和上市公司监管也具有较强的学术价值和政策意义。