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本文以我国2001～2005年所有上市公司的经验数据为研究对象,实证分析债权人保护在不同所有制和政府干预程度下,企业获得的信用贷款差异。研究结果发现,我国国有上市公司确实获得了较非国有上市公司更多的信用贷款;债权人权利保护得越好,企业能获得更多的信用贷款;但在政府干预严重的地区,伴随债权人权利受到的法律保护改善,即使国有上市公司也较难获得更多的信用贷款;同时,国有上市公司与非国有上市公司在获得银行长期信用贷款方面并没有显著差异。
Based on the empirical data of all the listed companies in China from 2001 to 2005, this paper empirically analyzes the difference of credit loans obtained by the creditors in different levels of ownership and government intervention. The result shows that China’s state-owned listed companies do get more credit loans than non-state-owned listed companies, the rights of creditors are better protected and enterprises can get more credit loans. However, in areas with serious government intervention, The legal protection of the state-owned listed companies is even harder to obtain more credit loans; at the same time, there is no significant difference between state-owned listed companies and non-state-owned listed companies in obtaining long-term bank loans.