采用计量方法检验了终极所有权、成长性与上市公司银行负债融资之间的关系。结果表明上市公司银行负债融资受终极所有权的显著影响:一方面,国有较民营有更多的长期银行借款,并且不同层级政府控股的国有上市公司之间也存在显著差异,即中央、省级与市县控股上市公司中的长期银行借款,表现为显著的逆序增加。另一方面,民营上市公司的短期银行借款显著高于国有,国有上市公司中,终极控制人的政府层级越低短期银行借款越多。区分了银行负债结构后,成长性对长期银行借款的作用随着终极所有权的政府层级的降低显著降低;而对短期银行借款的作用在不同终极所有权的公司之间差异不明显。 Using the measurement method to test the relationship between ultimate ownership, growth and debt financing of listed companies. The results show that debt financing of listed companies is significantly affected by ultimate ownership: on the one hand, state-owned companies have more long-term bank loans than non-state-owned ones, and there are also significant differences between state-controlled listed state-controlled listed companies at different levels, namely, central and provincial Long-term bank loans in listed and controlled listed companies in cities and counties showed a significant increase in adverse sequence. On the other hand, short-term bank loans of private listed companies are significantly higher than that of state-owned and state-owned listed companies. The lower the government level of the ultimate controller, the more short-term bank loans. Differentiating the bank debt structure, the effect of growth on long-term bank borrowings is significantly reduced as the government level of ultimate ownership decreases; while the effect on short-term bank borrowings is less pronounced for companies with different ultimate ownership.