政治联系、银行贷款与公司价值

发布时间：2018-04-11 00:40

本文选题：政治联系 + 民营企业　；参考：《南开管理评论》2011年05期

【摘要】：以中国民营上市公司为样本,考察政治联系以及制度环境差异对民营企业获取银行贷款的影响,并进一步分析银行贷款对企业价值和社会资源配置效率的影响。研究结果表明:(1)民营企业的政治联系影响了银行的放贷决策,与政府建立政治联系的民营企业可以获取更多的银行贷款;(2)制度环境越差的地区,政治联系越有助于民营企业获取银行融资便利,构建政治联系是民营企业克服市场制度缺陷的一种非正式替代机制;(3)建立政治联系的民营企业,其背负的银行债务促进了企业价值的提升,能够发挥一定的债务治理作用,政治联系为企业带来的银行资金是有效率的资源配置。本研究为加深理解政治联系对公司价值和社会资源配置效率的影响提供了一个有意义的视角。
[Abstract]:To China private listed companies as samples, the influence of political connections and differences in the institutional environment to obtain bank loans to private enterprises, and further analyzes the impact of bank loan on the enterprise value and the allocation of social resources. The results show that: (1) the private enterprise's political connection impact on bank lending decisions, the establishment of political relations and the government of the private enterprises can get more bank loans; (2) in poorer institutional environment, political connections will help private enterprises to obtain bank financing facilities, construction of political connections is private enterprises overcome an informal alternative mechanism of market system defects; (3) establish political connection of private enterprises, the bear the bank debt to promote the enterprise value, can play a certain role of debt governance, political connections for enterprises to bring bank funds is efficient allocation of resources in this research. It provides a meaningful perspective to deepen the understanding of the impact of political connections on the value of the company and the efficiency of the allocation of social resources.

【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金项目(71172082) 中央高校基本科研业务费(CDJXS11020005)资助
【分类号】：D0;F832.4;F276.6

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