Research On The Influence Factors Of Chinese Enterprise Loans

The enterprise loan is the credit behavior of commercial banks lend money to enterprises,and the enterprise which borrow money from commercial banks is obligated to repay an equal amount of money at appointed time.The influence factor of enterprise loans include the macroeconomic environment,industry environment and the situation of the borrowing Enterprise.Based on the reviewing of the theory of capital structure and influencing factors of capital structure,with the perspective of internal factors and industry factors,through dynamic analysis and static analysis and industry factors analysis,the paper establishments a static model,dynamic model and extended factor model to research influence factors of Chinese enterprise loans,with Chinese A shares of listed companies as the research samples.And the paper gets conclusion of the enterprise internal factors and industry factors how to influence Chinese enterprise loans.The paper research sample mainly contains 1996-2015 year time span of 20 years,at least 2 consecutive years can obtain the relevant information,and did not change over the industry classification,over the years have specific loan data of 1317 non-financial Chinese A shares of listed companies.And enterprise loans are divided by all loans,short-term loans and long-term loans according to the loan period,which are used as explanatory variables.The explanatory variables selected 17 data index(financial indicators)as the test factors,which reflect the profitability(XP),scale(XS),debt-paying ability(XD),tangible assets ratio(XT),growth ability(XG)and operation ability(XO).And choose 8 data as the model empirical test(include return on total assets(ROA),asset size(ASS),current ratio(CUR),debt to assets ratio(DR),tangible assets ratio(IFA),business growth rate(MOIG),current assets turnover ratio(CAT),total asset turnover ratio(TAT)).The static analysis of the influence factor of enterprise loans,according to the explanatory variable set,the paper presents two models,the first is the absolute amount of corporate loans used to measure enterprise loans,the second is the ratio of the relative value of corporate loans used to measure the rate of corporate loans to total assets.The static model is tested by panel fixed effect model,the test results show that the two static models,except asset size,the influence factor of Chinese enterprise loans is the same.There is a significant negative correlation between Chinese enterprise loans and corporate profitability,debt-paying ability and operational capacity,and There is a significant positive correlation between Chinese enterprise loans and firm size,tangible assets and growth capacity.The dynamic analysis of the influence factor of enterprise loans,which compared with static analysis,the main difference lies in the explanatory variable of the model is changed from static measure of the enterprise loan to dynamic changes in the increase or not of corporate loans.In the paper,the dynamic analysis is divided into general research and particularity research,and the latter the sample is divided into state-owned enterprises and non-state-owned enterprises,or divided into profit and loss enterprises.The test results show that,there is a significant positive correlation between Chinese enterprise loans and profitability,debt-paying ability and growth capacity,large companies will get more long-term loans,and SMEs can get more short-term loans,Nether the different economic nature of enterprises nor whether profit is the main influence factors of Chinese enterprise loans.The industry analysis of the influence factor of enterprise loans,the paper extends the dynamic expansion model by industry,mainly selects textile,steel,nonferrous metals,wholesale and retail,information and real estate.The test results show that,the influence factors of different industries have the same factors,but also different.The real estate is most likely to get more loans,and the textile and information are most vulnerable to get more loans.There is a significant positive correlation between Chinese enterprise loans and profitability in most industries,and the source of loan repayment is also the most influential factor in most industries.By static analysis,dynamic analysis and industry analysis,empirical tests are made on the influence factors of Chinese enterprise loans with internal factors and industry factors.In practice,the internal factors and industry factors will affect enterprise loans,most of which is still in cognitive stage,but how to affect is the lack of theoretical support and data support.The paper studies the influence factors and the similarities and differences between different types and different industries,and get conclusion on how to affect Chinese enterprise loans by internal factors and industry factors,which provides theoretical support and data validation.At last the paper puts forward the policy suggestion of enterprise loans on Chinese commercial bank and enterprise.