External Governance Effect of Chinese Listed Companies' Loan

This paper analyses empirically the effect of external governance effect on loan in China's listed companies during 2001-2005 periods. The results show that firms with single-large-shareholder ownership structure have not more advantage in bank loan, credit loan and mortgage loan than other firms with check-and balance ownership structure and firms with relative controlling ownership structure, law has significantly positive effect on credit loan t loan, but the relationship become significantly negative effect on mortgage loan and secured loan. There has significantly positive effect on competition in product market and bank loan. However, the relationship is not significantly about credit loan and mortgage loan and secured loan.