论文在对银行贷款契约研宄文献进行梳理总结的基础上,首先,对社会资本的理论发
展脉络、定义内涵和度量方法进行详细阐述,结合中国国情构建适合中国上市公司的
社会资本综合度量指标体系,对上市公司社会资本的指数特征进行详细分析。其次,
结合银行贷款契约相关理论,基于代理冲突视角和信息不对称视角理论推演终极所有
权结构、社会资本如何影响银行贷款契约,以及终极所有权结构与银行贷款契约的关
系如何受社会资本的影响。在理论分析的基础上,以一个包含2007-2014年的690家
上市公司组成的平衡面板数据为样本,分别构建静态和动态面板计量经济模型,运用
固定效应回归、随机效应回归、有序Logistic回归等静态估计技术,系统GMM、差
分GMM等动态估计技术以及参数检验(T检验)和非参数检验(Kruskal-Wallis检验、
Median检验)等多种计量方法实证检验终极所有权结构、社会资本与银行贷款契约之
间的关系。论文共分七章:
第1章绪论。包括研究背景和研究意义,研究目标、研究内容和研究框架,研宄
方法和技术路线,关键术语的界定

第2章文献研究综述。对银行贷款契约相关研宄文献进行系统地综述和梳理

第3章社会资本的内涵、度量及其特征分析。梳理和总结社会资本的理论发展脉
络、定义内涵、度量方法;构建上市公司社会资本的综合度量指标体系;分析上市公
司社会资本的指数特征

第4章终极所有权结构对银行贷款契约的影响。理论推演终极所有权结构如何影
响银行贷款契约,运用静态和动态估计技术实证检验终极所有权结构与银行贷款契约
之间的关系

第5章社会资本对银行贷款契约的影响。理论推演社会资本如何影响银行贷款契
约,运用静态和动态估计技术实证检验社会资本与银行贷款契约之间的关系

第6章终极所有权结构和社会资本对银行贷款契约的交互影响。理论推演终极所
有权结构与银行贷款契约之间的关系如何受社会资本的影响,运用静态和动态估计技
术实证检验终极所有权结构和社会资本的交互项与银行贷款契约之间的关系

第7章结论。包括主要研宄结论、研宂创新点、政策性启示和未来研宄展望

论文的主要研宂结论总结如下:
(1)西方社会资本理论的发展经历了萌芽期、成长期和繁荣期三个阶段;社会资
本的概念内涵包括宏观和微观两层定义;中国上市公司的社会资本度量指标体系包含 第丨I页
西南交通大学博士研究生学位论文
宏观层面的社会信任、社会规范、社会参与、社会组织和微观层面的政府关系网络、
银行关系网络、社会关系网络;对于不同的行业类别和地域分布,中国上市公司的社
会资本指数存在显著的差异性

(2)终极所有权结构是影响银行贷款契约的重要因素,具体表现为:终极控制股
东的控制权越强、控制权和现金流量权之间的分离程度越大、金字塔控制层级越多,
银行贷款契约的紧缩性程度越高(贷款利率越高、贷款额度越小、贷款期限越短);
终极控制股东的现金流量权越多、终极控制股东类型为国有时,银行贷款契约的宽松
性程度越高(贷款利率越低、贷款额度越大、贷款期限越长)

(3)社会资本是影响银行贷款契约的重要因素,具体表现为:社会资本的发展水
平越高,银行贷款契约的宽松性程度越高(贷款利率越低、贷款额度越大、贷款期限
越长)

(4)终极所有权结构与银行贷款契约之间的关系受社会资本发展水平的影响,具
体表现为:高7]C平的社会资本一方面能减弱控制权、控制权和现金流量权的分离度、
金字塔控制层级对银行贷款契约的负面影响;另一方面能增强现金流量权、国有型终
极控制股东对银行贷款契约的正面影响

关键词:终极所有权结构;社会资本;银行贷款契约;公司治理;制度环境 西南交通大学博士研究生学位论文
第丨11页
Abstract
Doing research in the field of designing of bank loan contract from the perspective of
ultimate ownership structure and social capital has been in the forefront of financial
research fields in recent years. Based on the literature review of empirical research on the
bank loan contract, firstly, the dissertation not only elaborates the history development,
definition, and measurement of social capital in detail, but also builds a set of
comprehensive measurement index system of social capital suitable for Chinese listed
companies combining with Chinese financing background, and analyses the social capital’s
index characteristics of listed companies deeply. Secondly, according to the relevant
theories of bank loan contract, the dissertation analyses how ultimate ownership structure
and social capital impact bank loan contract, and how social capital impact the relationship
between ultimate ownership structure and bank loan contract theoretically from the
perspective of agency conflict and information asymmetry. And then based on these
theoretical analysis, the dissertation uses a sample of 690 listed companies from 2007 to
2014 to form a balanced panel data, constructs static and dynamic models respectively, and
tests the relationship among ultimate ownership structure, social capital and bank loan
contract empirically by applying static estimating techniques, including fixed-effect
regression, random-effect regression, ordered Logistic regression, and dynamic estimating
techniques, containing System-GMM, DifFerence-GMM, and parametric and nonparametric
tests and so on. This dissertation is divided into seven chapters:
Chapter 1, Introduction. This chapter includes the contexts and implications of the
research, the objectives, frameworks and contents of the research, the methodology and
technical route, the key terms and concepts.
Chapter 2, Literature Review. This chapter reviews the related literature in terms of
bank loan contract systematically.
Chapter 3, Definition, Measurement and Analysis of Characteristics of Social Capital.
This chapter illustrates the history development,definition and connotation,measurement of
social capital in detail, builds a set of comprehensive measurement index system of social
capital suitable for Chinese listed companies, and then analyses the characteristics of social
capital’s index of listed companies.
Chapter 4, The Impact of Ultimate Ownership Structure on Bank Loan Contract. This
chapter analyses how ultimate ownership structure impact the bank loan contract 第丨V页
西南交通大学博士研究生学位论文
theoretically, and tests the relationship between ultimate ownership structure and bank loan
contract empirically by using static estimating techniques and dynamic ones.
Chapter 5, The Impact of Social Capital on Bank Loan Contract. This chapter analyses
how social capital impact the bank loan contract theoretically, and tests the relationship
between social capital and bank loan contract empirically by using static estimating
techniques and dynamic ones.
Chapter 6, The Reciprocal Influence of Ultimate Ownership Structure and Social
Capital on Bank Loan Contract. This chapter analyses how social capital impact the
relationship between ultimate ownership structure and bank loan contract theoretically, and
tests the relationship between interaction items of ultimate ownership structure and social
capital and bank loan contract empirically by using static estimating techniques and
dynamic ones.
Chapter 7, Conclusion. This chapter includes the main content of the paper, innovation
points, policy recommendations, and future research prospects.
The primary research results of this dissertation are as follows:
(1) The theoretical development of social capital experiences three phases: stages in
germination, stages of growth and stages of prosperity. The definition and connotation of
social capital contains two levels, namely macro level and micro level respectively. The
paper builds a set of comprehensive measurement index system of social capital for listed
companies by selecting indicators of social trust, social norms, social participation and
social organizations from macro-level and indicators of government network, bank
relationship network and social network from micro-level simultaneously. There are
significant differences in the characteristics of social capital’s index among different
industrial classifications and geographical distributions.
(2) The ultimate ownership structure is an important factor to influence the bank loan
contract. The control rights of ultimate controlling owner, the degree of separation of
ultimate controlling shareholder&39;s control rights to cash flow rights and the layers of
pyramidal structure are all significantly positive to the degree of tightness of bank loan
contract(loan rate will be more higher, loan amount will be more smaller, and loan maturity
will be more shorter). On the contrary, the cash flow rights and state-owned property rights
of ultimate controlling owner are significantly positive to the degree of looseness of bank
loan contract(loan rate will be more lower, loan amount will be more bigger, and loan
maturity will be more longer).
(3) Social capital is another an important factor to influence the bank loan contract. 西南交通大学博士研究生学位论文
第V页
The development level of social capital is significantly positive to the loose degree of bank
loan contract(loan rate will be more lower, loan amount will be more bigger, and loan
maturity will be more longer).
(4) The relationship between ultimate ownership structure and bank loan contract is
relied on the devdopment levd of social capital. Higher level of social capital will weaken
the negative impact of control rights,separation of control rights to cash flow rights and
pyramidal structure on bank loan contract, and it will also strengthen the positive impact of
cash flow rights and state-owned property rights of ultimate controlling shareholders on
bank loan contract.
Keywords: