Empirical Research On Stock Ownership, Credit Discrimination And Corporate Performance Of Listed Companies In China

Since the reform and opening policy from more than30years ago, private enterprisehas a rapid development period, and became an important part of market economicsystem in our country. However, private enterprises also face a lot of problems, such asserious financing constraints. Bank loan, which is one of the main components ofcorporate financing resource, means a lot to a company’s development. But, in view ofthe current situation, comparing to state-owned enterprises, private enterprises sufferedunfair treatment in bank loan, i.e. credit discrimination against private enterprises.In order to prove the existence of private enterprise credit discrimination and itsinfluence on the corporation performance, from the point of the cost of debt financing,this dissertation uses A shares listed companies as sample, research on the creditdiscrimination through empirical method. The result is, compared to state-owned listedcompanies, private listed companies bear lager debt financing cost. However, comparedto central government-owned listed companies, local government-owned listedcompanies are not suffering credit discrimination. Besides, compared to short-term loan,private listed companies face more serious credit discrimination on long-term loan; thatis to say, stock ownership has more influence on the long-term bank loan. At last, thisdissertation discovered the negative correlation between credit discrimination andcorporation performance though empirical method, i.e. credit discrimination has anegative influence on the corporation performance.This dissertation intends to figure out the real financing situation of private listedcompanies in China. It can help to discover and deal with the structural contradiction infinancial system and to improve the development of private economy and socialistmarket economy. Also, the results of empirical research are meaningful to the reform offinancial system in China.