产品市场竞争、政治关联与银行贷款契约

The study of influences of product market competition and political connection on bank loan contracting is the theoretical forefront and a hot topic in corporate finance. This project aims to investigate the relationships between product market competition ( both inter- and intra-industry), political connection and bank loan contracting, based on industrial organization theory, sociological theory, and corporate finance theory, employs theoretical and empirical research methods, builds a theoretical framework describing the relations between product market competition (from the dimensions of industry-level competition and product market power), political connection, and bank loan contracting terms(loan rate, loan amount, loan maturity and the presence of collateral), reveals the influencing mechanisms of product market competition and political connection on bank loan contracting in the context of China, empirically tests the influences of industry-level competition, product market power, and political connection on bank loan contracting design (loan rate, loan amount, loan maturity and the presence of collateral), and furtherly tests the interaction effect of product market competition and political connection on bank loan contracting. This project covers the shortage of theoretical studies of the influences of industrial factors on bank loan contracting, provides theoretical bases and suggestions for the industrial policy adjustment and the supply side structural reform in China, and contributes to the effective allocation of banking credit resources.

产品市场竞争、政治关联对银行贷款契约影响研究是公司金融学的理论前沿和热点课题。本项目针对产品市场竞争（行业间以及行业内竞争）、政治关联与银行贷款契约设计关系问题，基于产业组织理论、社会学理论与公司金融学理论，运用理论和实证研究方法，搭建一个描述产品市场竞争（行业竞争程度与企业市场势力两个维度）、政治关联与银行贷款契约条款（利率、金额、期限和是否提供抵押等）关系的理论框架，揭示中国特有制度背景下产品市场竞争、政治关联在银行贷款契约设计中的作用机理；实证检验产品市场的行业竞争程度和企业市场势力、政治关联如何影响银行贷款契约设计（利率、金额、期限和是否提供抵押等），以及产品市场竞争与政治关联对银行贷款契约设计的交互效应。本项目力求弥补行业层面因素对银行贷款契约影响理论研究的不足，为我国产业结构调整、供给侧结构性改革等政策制定提供依据与建议，并促进我国银行信贷资源的有效配置。

产品市场竞争、政治关联对银行贷款契约影响研究是公司金融学的理论前沿和热点课题。本项目基于产业组织理论、社会学理论与公司金融学理论，围绕产品市场竞争、政治关联如何影响公司与银行签订的银行贷款契约（利率、金额、期限和是否抵押）展开理论与实证研究。本项目深入探讨产品市场竞争、政治关联对银行贷款契约的利率、金额、期限、是否抵押等条款的影响机理，并进一步探究了产品市场竞争与政治关联对银行贷款契约设计的交互效应。主要研究结果如下：（1）产品市场竞争只对银行贷款契约的金额存在显著且一致的正向影响，可能的解释是在中国特有制度背景下，产品市场竞争的公司治理功能发挥了主导作用。产品市场竞争对银行贷款契约的利率、期限、抵押等条款未发现显著影响，可能的解释是中国经济快速增长，银行贷款是公司发展筹集资金的主要来源，贷款额度条款对中国公司来说才是最重要的。（2）政治关联的存在增强了产品市场竞争对贷款金额的正向影响。总而言之，我们的研究扩充了现有的文献，基于中国数据的实证分析揭示了中国特有制度背景下产品市场竞争、政治关联对银行贷款契约的作用机理，为进一步研究产品市场竞争对中国公司的投资行为的影响提供了新的思路。