终极所有权结构，社会资本与银行贷款契约

Bank loan contract is a hot and difficult issue in the field of financial research, and it is a frontier problem in current financial research to research bank loan contract from perspective of ultimate ownership structure and social capital. Integrating institutional background of China, this project theoretically and empirically researches how ultimate ownership structure and social capital affect bank loan contract, as well as how social capital affects the relationship between ultimate ownership structure and bank loan contract. The significance of this project lies in: (1) analyzing predatory and information manipulating behavior of ultimate controlling shareholder, revealing mechanism of ultimate ownership structure in the design of bank loan contract, which is beneficial to improvement of contract efficiency,mitigating the problem of information asymmetry and agency conflict,and thus optimal allocation of resource is achieved; (2) revealing mechanism of social capital in the design of bank loan contract, exploring how the relationship between ultimate ownership structure and bank loan contract is dependent on social capital, seeking informal institution factors that are conducive to enhancing the efficiency of bank loan contract, promoting the standardization of corporate governance mechanism and healthy development of financial market; (3)investigating new methods and ideas for bank loan contract research, expanding and enriching the existing research, improving our understanding of how bank loan contract is influenced by corporate governance and informal institution, enriching the system of modern financial theory.

银行贷款契约是金融研究领域的热点和难点议题。从终极所有权结构和社会资本视角研究银行贷款契约是当前金融研究的前沿课题。本项目结合中国制度背景，理论和实证研究终极所有权结构、社会资本如何影响银行贷款契约，以及社会资本如何影响终极所有权结构与银行贷款契约之间的关系。项目的研究意义体现在：（1）剖析终极控制股东的掠夺和信息操纵行为，揭示终极所有权结构在银行贷款契约设计中的机理，有助于增强契约的效率性，减缓代理冲突和信息不对称问题，实现资源的优化配置；（2）揭示社会资本在银行贷款契约设计中的机理，剖析终极所有权结构与银行贷款契约之间的关系如何依赖社会资本，寻求有利于提高银行贷款契约功效性的非正式制度因素，推动公司治理的规范化进程，促进金融市场的健康发展；（3）探讨银行贷款契约研究的新方法、新思路，拓展和充实现有的研究，提升我们对银行贷款契约如何受公司治理和非正式制度影响的理解，丰富现代金融理论体系。

银行贷款是公司获取外部融资资金的重要来源，银行贷款契约一直是财务学研究的热点和难点议题。银行贷款契约的设计和安排可能受到公司特征、公司治理、制度环境等的影响，而基于终极所有权结构视角（一种公司治理结构）和社会资本视角（一种非正式制度环境）研究银行贷款契约则是近年来财务学研究领域的前沿课题。本书在对银行贷款契约影响因素实证研究文献进行综述回顾的基础之上，对中国上市公司的融资制度背景进行全面地剖析，对社会资本的发展脉络、定义内涵和度量方法进行详细地阐述，结合中国融资制度背景构建适合中国上市公司的社会资本综合度量指标体系，并对上市公司社会资本的指数特征进行深入地分析。.研究内容体现在：第一，文献研究综述。第二，上市公司融资制度背景分析。第三，社会资本的内涵、度量及其特征分析。第四，终极所有权结构、社会资本与银行贷款契约的理论分析。第五，主要研究结论、研究创新点、政策性启示和未来研究展望。.研究发现，终极控制股东的控制权越强、控制权和现金流量权之间的分离程度越大、金字塔控制层级越多，银行贷款契约的紧缩性程度越高（贷款利率越高、贷款金额越小、贷款期限越短、贷款担保要求越严格）；终极控制股东的现金流量权越多、终极控制股东类型为国有时，银行贷款契约的宽松性程度越高（贷款利率越低、贷款额度越大、贷款期限越长、贷款担保要求越宽松）；社会资本的指数水平越高，银行贷款契约的宽松性程度越高，社会资本对银行贷款契约具有正面的影响；高水平的社会资本能减弱控制权、控制权和现金流量权的分离度、金字塔股权结构对银行贷款契约的负面影响；能增强现金流量权、国有型终极控制股东对银行贷款契约的正面影响。