我国上市公司银行贷款公告效应分析-analysis on the effect of bank loan announcement of listed companies in china.docxVIP

ABSTRACTTraditional finance theory suggests that bank loans can supervise the financial situation of listed companies, therefore, the reaction of stock market is positive. However, some foreign studies have shown that if controlling shareholder and small shareholders of listed companies exsit severe agency problem, bank loans will increase the amount of resources available to the controlling shareholder. This, in turn, can increase expropriation of minority shareholders’ interest by controlling shareholders, notably through related-party transactions. This paper analyzes the CAR during the ban