【作者】 梁斌；

【导师】 白俊；

【作者基本信息】 石河子大学 ， 会计硕士（专业学位）， 2019， 硕士

【摘要】 在金融体系仍不发达、信贷债券等负债融资机制受政府管制的背景下,大多数民营企业“求钱若渴”,中小企业融资难、融资贵的现象愈发突出,一种新的融资渠道——委托贷款“顺势而生”。据中国人民银行公布的2018年第四季度《中国货币政策执行报告》显示,截至2018年末,我国社会融资规模存量为200.75万亿元,其中委托贷款存量为12.36万亿元,达到社会融资规模的6.16%。2002年委托贷款的规模仅为175亿元,可见委托贷款发展之快。随着委托贷款的井喷式发展,高息委托贷款伴随的风险也逐渐显露出来,大部分企业“不务正业”,脱实向虚,产业逐渐空虚化,应该引起我们的思考。本文研究的波导股份有限公司是一家极具典型的上市公司,借款方几乎都是房地产行业,贷款利率畸高,由于委托贷款导致公司偏离主营业务,对公司以后的发展产生了不利影响。通过手动收集公司委托贷款的数据,发现目前委托贷款金额已达到9亿元,年利率在14%-18%之间浮动,每笔委托贷款都有担保,依旧有5笔出现了展期、逾期,其中有2笔贷款通过诉讼途径依旧没有收回全部的本金和利息。文中用到了信息不对称理论、信贷配给理论、融资担保理论、优序融资理论、管理层短视理论等,用文献综述法介绍金融压抑与信贷错配、委托贷款的动机以及可能的风险,用事件研究法来看市场反应,接着具体分析波导股份委托贷款的基本情况、市场反应、资金来源、动机以及风险并针对波导股份的风险提出一系列建议,最后由波导股份委托贷款的风险影射出了其他上市公司委托贷款可能存在的一些共性问题,并从上市公司自身、监管部门的监督管理以及政府对中小企业融资的政策引导提出了一系列建议。最后我们得出结论:金融压抑会导致信贷错配,因此委托贷款才会快速发展起来,高息委托贷款又伴随着主营业务空虚化、利益转移等风险;委托贷款事件发生后异常超额累计收益率是负值,委托贷款给公司带来了负效应。资金来源主要是公司的自有资金以及少部分银行借款,波导股份发放高息委托贷款主要是为了获取短期收益,导致公司偏离了主营业务,脱实向虚,经过论证发现主营业务空心化不利于公司的长期发展。针对波导股份委托贷款的风险提出了以下建议:发展主营业务、建立健全风险评估体系、建立责任追究制度以及加强事后监督。解决上市公司委托贷款问题也提出了以下对策:加强监管部门对上市公司的监管以及对上市公司贷款业务的审查,拓展中小企业融资渠道等。本篇文章的研究对从事高息委托贷款业务的企业敲响了警钟,对于其他上市公司来说,此篇文章有很重要的参考价值。更多还原

【Abstract】 Under the background that the financial system is still underdeveloped,the debt financing mechanisms such as credit bonds are regulated by the government,most private enterprises are looking for money,the phenomenon of financing difficulties and financing expensive for SME has become more and more prominent.A new financing channel-entrusted loans “has taken advantage of the trend.”According to the China Monetary Policy Implementation Report for the fourth quarter of 2018,as of the end of 2018,the size of entrusted loans in China was 12.36 trillion yuan,accounting for 6.16% of the social financing scale of 200.75 trillion.And entrusted loans has only 17.5 billion yuan in 2002,it can be seen that the entrusted loans has developed rapidly.With the development of entrusted loans,the risks associated with high-interest entrusted loans have gradually emerged.Most enterprises do not focus on their main business,which should cause us to think.The Ningbo Bird company researched in this paper is a typical listed company.The borrowers are almost all real estate industry.By manually collecting the data of the company’s entrusted loans,it is found that the current entrusted loans amount has reached 900 million yuan,the annual interest rate fluctuates between 14% and 18%.And the loans are still extended and overdue in the case of guarantee.There are still 5 cases of extension and overdue,and 2 of them have not recovered all the principal and interest through the litigation.The paper uses information asymmetry theory,credit rationing theory,financing guarantee theory,superior order financing theory,management short-sight theory,etc.,using literature review method to introduce financial repression and credit mismatch,motivation and possible risks of entrusted loans,using events research method looks at the market reaction,then analyzes the Ningbo Bird company’s basic situation,market reaction,source of funds,motivation and risk of the entrusted loans,put forward some risk prevention and control measures according to the risk of the entrusted loans of Ningbo Bird company,and the risk of bird’s company reflects the problems of the entrusted loans of other listed companies,and proposed a series of countermeasures.Then a series of suggestions were put forward for the supervision and management of listed companies,the China Securities Regulatory Commission and the China Banking Regulatory Commission,as well as the financing channels for SME.Finally,we conclude that financial repression will lead to credit mismatch,so entrusted loans will develop rapidly,and high-interest entrusted loans will be accompanied by risks such as vacancy of main business and transfer of interests;It is found that the CAR was negative after the announcement of the entrusted loans,and entrusted loans brought negative effects to the company.The source of funds is mainly the company’s own funds and a small part of the bank’s borrowing.The high-interest entrusted loans issued by Ningbo Bird company are mainly for obtaining short-term gains,which led to the company’s deviation from the main business,and the actual business was hollowed out.It is not conducive to the long-term development of the company.The following suggestions were made for Ningbo Bird company’s risk of entrusted loans : development the main business,establishment of a sound risk assessment system,a system of accountability and strengthening of post-supervision supervision.Solving the problem of entrusted loans of listed companies also proposed the following countermeasures: strengthening the CBRC’s review of the lending business of listed companies,strengthening the supervision of the CBRC banks,strengthening the supervision of the CSRC on listed companies,and expanding the financing channels for SME.The research in this article has sounded the alarm for companies engaged in high-interest entrusted loans.For other listed companies,this article has important reference value.更多还原