民营上市公司“出身”、政治关系与债务融资

发布时间：2018-03-24 16:40

本文选题：出身　切入点：政治关系　出处：《经济管理》2010年07期

【摘要】：民营企业的政治关系作为一种有效的外部履约机制的替代,能够在一定程度上改善银企关系,缓解民营企业的融资约束。本文以2005～2009年的民营上市公司为样本,从民营上市公司的"出身"及在企业面临金融危机的条件入手,分析了民营上市公司的政治关系对融资的影响。研究发现,政治关系对民营上市公司的融资影响更多是体现在直接上市的民营公司上,有政治关系的直接上市的民营公司不仅能获得更多的融资,而且降低了银行对其融资的盈利要求。发生金融危机后,银行对企业融资的资产抵押要求更高,有政治关系的直接上市的民营公司更容易取得银行的支持,获得银行借款。本文的研究有助于理解企业政治关系对企业行为的影响。
[Abstract]:As an effective substitute for external performance mechanism, the political relationship of private enterprises can improve the relationship between banks and enterprises to a certain extent and ease the financing constraints of private enterprises. This paper takes the private listed companies from 2005 to 2009 as a sample. Starting from the "origin" of private listed companies and the conditions under which enterprises are facing financial crisis, this paper analyzes the influence of the political relationship of private listed companies on financing. The influence of political relations on the financing of private listed companies is more reflected in the direct listing of private companies, political relations of the private companies directly listed not only can obtain more financing, After the financial crisis, banks have a higher demand for asset mortgages for corporate financing, and it is easier for politically connected, directly listed private companies to get bank support. The research in this paper is helpful to understand the influence of corporate political relationship on corporate behavior.
【作者单位】：中山大学岭南学院;中山大学南方学院;
【基金】：国家自然科学基金青年项目“产权、政治关系与资源配置”(70902024) 中国博士后科学基金“制度环境、政治关系与资源配置”(20080440118);中国博士后科学资金特别资助“产权、政治关系与企业绩效”(200902340)
【分类号】：F276.6;F276.5;F832.4;F224

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