中文摘要：

通过分析2004～2013年上市公司公告的委托贷款数据，发现我国委托贷款具有以下显著特征：74．6％的委托贷款交易双方存在股权关联关系；与关联型委托贷款利率围绕同期银行贷款基准利率小幅波动不同，非关联委托贷款利率大多远高于同期银行利率水平；委托贷款期限较短，72．94％的委托贷款期限小于1年；委托贷款的资金来源丰富，运用外部融资实施委托贷款的现象较为突出。进一步分析发现，近年来委托贷款快速增长的根本原因是，金融管制背景下企业有充足激励通过委托贷款实现培育新兴业务、获取短期投资收益等目标诉求。总体上看，需要在治理利益输送、上市公司主营业务空心化等问题的同时防范系统性金融风险。

英文摘要：

We find out some characters of entrusted loans based on entrusted loans data issued by listed companies between 2004 and 2013. Firstly, 74.6% of entrusted loans happened between firms which have equity connections. Secondly, different from the associated entrusted loans existing small fluctuation around the datum interest rate of bank loan, interest rates of non-associated entrusted loans are much higher than the interest rate of bank lending. Thirdly, most entrusted loans have short maturity which is less than one year. Fourthly, the capital supply of entrusted loans comes from many channels which include internal funds and external capital. Further analysis shows that the cause of rapidly growing entrusted loans is that, enterprises have sufficient incentive to realize the goals of cultivating new business and obtaining short-term profit through entrusted loans under the background of financial regulation. On the whole, we should guard the systematical financial risk when governing interest transportation and listed Corporation main business hollow issues