Agency cost, bank loan of loss-making firms and ex-post efficiency-Evidence from Chinese listed firms

Based on the sample data of Chinese loss-making listed firms during the period 2005-2010, this research focuses on the influence factors, especially the corporate governance factors of ex-post efficiency of bank loan. Through theoretical and empirical analysis, the conclusion shows that the acquirement of bank loan is independent of the firm's attribute (state owned or not); the short-term bank loan is prone to ex-post efficient; the more the asset per capita of state owned listed firm is, the more likely to be ex-post efficient; the ownership concentricity is positive correlated with ex-post efficiency, but the equity balance degree is not correlated with it; the CEO changes and the unification of board chairman and CEO are weakly negative correlated with ex-post efficiency. All these conclusions can be used as policy suggestions of the bank loan approval.