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银企关系是学术界和实务界关注的焦点之一,然而,国内学者鲜有探讨银企关系数量的影响因素。本文使用我国A股上市公司2006-2013年的银企关系计数资料,利用零膨胀模型对企业建立银企关系规模的影响因素进行了分析。研究发现:规模大、资产负债率高、获利能力强的公司倾向于建立更多的银企关系;企业的长期负债率、第一大股东持股比例,是否是国有产权属性和企业的经营风险与银企关系的规模(数量)显著负相关;信贷合约的期限和信贷金额与银企关系的数量显著正相关;进一步比较了零膨胀模型与Poisson回归、负二项分布回归模型等计数模型,统计检验显示,零膨胀模型比较适合零值过多和过度离散的数据结构资料。
The relationship between banks and enterprises is one of the focuses of academia and practice. However, few scholars in China have discussed the factors influencing the relationship between banks and enterprises. This paper uses the bank-enterprise relationship count data of A-share listed companies in China from 2006 to 2013, and analyzes the factors that influence the scale of bank-enterprise relationship by using zero-expansion model. The study found that: large scale, high debt ratio, profitability of the company tend to establish more bank-enterprise relations; long-term debt ratio of enterprises, the largest shareholder of the proportion of ownership, is the property of state-owned property and business management There was a significant negative correlation between the risk and the scale (number) of the relationship between banks and enterprises. The duration of the credit contract and the amount of credit were significantly and positively correlated with the number of bank-enterprise relationships. Furthermore, the counting models of Zero Expansion Model, Poisson Regression and Negative Binomial Distribution Regression Model Statistical tests show that the zero-expansion model is more suitable for zero-excess and over-discrete data structure data.