上市公司委托贷款的形成机理研究

摘要

Since the financial crisis,there are a lot of "entrusted loans" in the listed companies, and even some ST listed companies took the opportunity to switch from deficit to profit, which caused the market to discuss the legitimacy and rationality of the entrusted loans. Analyzing the formative cause and economic consequences of entrusted loans in listed companies, we find that overheated economy and some objective factors make these companies excessively seak economic interests and don't consider long term development, which cause rise of capital cost, investment and financing backhaul and beneficial unbalance. Therefore, we must improve legal construction, strengthen the mechanism of supervision and information disclose, uphold financial order.%金融危机爆发后，上市公司“委托贷款”频发，诸如ST波导淤等ST类上市公司甚至趁机扭亏，这引起了市场对委托贷款业务合法性和合理性的大讨论。基于此，对上市公司委托贷款业务形成的动因和可能产生的经济后果等机理进行剖析，发现因经济过热等客观因素影响，使得上市公司过分追求经济利益，不考虑长期发展，从而造成催高资本成本，放大投融资风险与效益失衡。为此，必须完善法规建设，强化监管和信息披露机制，维护金融秩序。