Ownership, Creditor Protection and Firms' Credit Loans
基于2001-2005年中国上市公司数据，研究了不同所有权和债权人保护水平下企业信贷的差异，发现国有公司获得更多信贷，但政府干预会削弱债权人保护的作用。
Based on the data of China's listed companies during 2001 ~2005 periods, this paper empirically an- alyzes the effect of creditor protection on credit loan under different ownership and government intervention. The results show that China's state-owned listed companies do get more credit loan than non-state-owned listed com- panies and the firms in the regions with better creditors protection can have more credit loan. However, in the regions where has strong government intervention, along with the improving of creditor protection, even state- owned listed companies have difficult to borrow bank loans, and there is no significant difference in borrowing long-term bank loans between state-owned listed companies and non-state-owned listed companies.