政治关系对我国企业IPO融资的影响研究

发布时间：2018-01-21 01:30

本文关键词： 政治关系 IPO 融资成本融资收益　出处：《江西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：在过去的二十多年里,我国资本市场在相关制度并不完善的条件下迎来了飞速的发展,截止2012年末已有2494家企业实现了IPO融资,但不同企业之间的IPO融资收益和融资成本却存在明显的差异,其中政治关系作为一种非正式制度,对IPO融资起着举足轻重的影响。由于国内资本市场发展并不完善,企业的经营行为经常受到相关市场环境的制约,而企业就试图通过建立政治关系来让自己在竞争中处于有利地位。在本质上,企业建立政治关系的动机与其它经营行为并无显著的差异,都是为了实现企业效益的最大化。无论是社会资本理论还是资源依赖理论都强调政治关系作为一种高级的社会资源,其不仅能帮助企业获取到更多的资源,还能优化企业的资源配置。在我国,政府对经济的干预和对稀缺资源的控制仍较为明显,政府行为对企业的影响不容忽视,而企业为了减少政府干预对企业经营带来的负面影响,就会主动加大在建立或保持政治关系方面的投入,以期获得从法律和正式制度中无法得到的支持和保护。具体而言,企业追逐政治关系的动机体现为降低企业的经营成本和获得更广泛的政府支持。政治关系作为一种合法的政治资源,其对企业的影响途径主要包括三点：其一是提升企业信用水平；其二是干预银行信贷行为；其三是获得更多的政府支持。地方政府为了推动地方经济的发展,往往会给予当地的优质企业较为丰厚的优惠政策,而其中企业的政治关系将起到直接的促进作用。由于企业实现IPO是地方政府和企业共同的愿景,企业就会依托在自身的政治关系,借助政府行为来直接或间接地改变企业的经营状况,其既体现在企业的经营业绩上,还表现在企业的成长空间上。在企业政治资源的全方位“呵护”下,企业的经营状况往往能在短期内实现明显的改善,这就为企业的IPO之路打下了坚实的基础。随着市场经济改革的不断推进,企业在发展中存在巨大的融资需求,而IPO作为融资的重要渠道,也逐渐成为众多企业的战略选择。由于国内IPO实行审批制,企业在IPO过程中除了受到正规机制的影响之外,还将受到一些非正规机制的影响,其中企业政治关系就是其一。鉴于此,本文以IPO融资收益和融资成本为研究对象,共选取了实际发行后全面摊薄市盈率、融资规模占比、显性费用和隐性费用四个指标来测度IPO融资,并选取有政治关系的董事比例、高政治关系董事比例和企业政治关系强弱指数三个指标来度量政治关系。在对政治关系和IPO融资分别进行刻画和度量的基础上,利用描述性统计分析、Pearson相关性分析和线性回归分析三种方法,对总体样本、国有控股差异下及经济水平差异下的分组样本分别进行实证分析。本文实证研究发现：(1)在同等条件下,企业的政治关系越强,企业的IPO融资收益越大,且政治关系对企业IPO融资规模的影响小于IPO融资价格；(2)在同等条件下,企业的政治关系越强,企业的IPO融资成本越小,且政治关系对企业IPO融资显性成本的影响大于隐性成本；(3)在同等条件下,政治关系对非国有控股企业IPO融资收益和融资成本的影响均大于国有控股企业；(4)在同等条件下,政治关系对经济水平欠发达地区企业IPO融资收益和融资成本的影响大于经济水平发达地区的企业。总体上看,政治关系能为企业带来IPO融资便利,其既体现在IPO融资收益上,且对融资价格的影响大于融资规模,同时也体现在IPO融资成本上,且对显性成本的影响大于隐性成本。结合研究结论,本文从监管者、企业经营者和投资者三个角度提出相应的改进建议,其中监管者应逐步完善IPO的审批制度和定价制度,减少政府干预,充分发挥市场机制,同时应从限制再就业范围、限制就业活动、就业登记公示等方面制定相应的规范和制度,避免腐败行为的出现。对于企业经营者则不可只求政治关系,既要考虑其所形成的收益,也需考虑所付出的成本,同时应注重政治资源与企业自身发展方向的匹配和挖掘。对于投资者而言,在选取投资企业时需更关注企业的高政治关系,并分析企业的政治关系资源是否与企业的发展战略相匹配,观察企业是否利用自身的政治资源促进了企业经营业绩的提升。
[Abstract]:In the past more than 20 years, China's capital market is not perfect in the system under the condition of usher in rapid development, by the end of 2012 2494 enterprises have implemented the IPO IPO financing, but financing income and financing costs between different enterprises have obvious differences in their political relationship as an informal institution, play a decisive impact on IPO financing. Because of the domestic capital market development is not perfect, the business operation is often restricted by the environment of the relevant market, and the enterprise will try to establish the political relations to make their own competitive position in fierce market competition.
In essence, different enterprises to establish political relations and other business activities have no significant motivation, is to maximize enterprise efficiency. Whether social capital theory or the resource dependence theory emphasizes the political relationship as an advanced social resources, it can not only help enterprises to gain more resources, but also optimize the enterprise the allocation of resources. In our country, government intervention in the economy and its control of the scarce resources are more obvious effect of government behavior on enterprises can not be ignored, and the enterprises in order to reduce the negative impact of government intervention to the business, will take the initiative to increase in building or maintaining the political relationship between the investment, in order to obtain support and the protection cannot get from the law and the formal system. Specifically, enterprises seeking political relations motivation reflected more widely in order to reduce the operating costs of enterprises and The government supports.
Political relations as a legitimate political resources, its influence on the enterprise approach mainly includes three points: one is to improve the credit level of enterprises; second is the intervention of bank credit behavior; the third is more government support. The local government in order to promote the development of local economy, the quality of local enterprises tend to give more generous concessions the policy, and the corporate political relations will play a direct role in promoting. Due to the implementation of IPO is local government and enterprise common vision, the enterprise will rely on their own political relations with the government to directly or indirectly change the operating conditions of enterprises, which is reflected in the performance of an enterprise, but also the performance of in the enterprise growth space. In the full range of "care" corporate political resource under the operating conditions of enterprises are often able to achieve significant improvement in the short term, this is the enterprise The IPO road of the industry has laid a solid foundation.
Along with the market economy reform, the enterprise has a huge financing needs in the development of IPO, and an important channel for financing, has gradually become the strategic choice of many enterprises. Due to the domestic IPO approval system, enterprises in the process of IPO in addition to the formal mechanism influence, will also be affected by some informal mechanisms among them, the political relations of the enterprises is one of them. In view of this, this paper takes IPO financing income and financing cost as the research object, selects the actual issue after fully diluted earnings, the scale of financing accounted for the dominant costs and implicit costs of the four indicators to measure IPO financing, and selects the political relationship between the proportion of directors, the high political relationship between the directors and corporate political relationship strength index three indicators to measure the political relations. On the political relations and IPO financing respectively based on the measurement and characterization, the use of descriptive statistics Three methods, Pearson correlation analysis and linear regression analysis, were applied to analyze the overall sample size, the state owned holdings and the grouped samples under the difference of economic level.
The empirical study found that: (1) under the same conditions, the political relationship is stronger, the IPO financing income is bigger, and the political relationship influence on the enterprise financing price is less than IPO IPO financing scale; (2) under the same conditions, the political relationship is stronger, the enterprise financing cost is IPO small, and the influence of political relations of enterprises IPO financing cost is greater than the dominant recessive cost; (3) under the same conditions, influence on the non state holding enterprises IPO financing income and financing costs are higher than state-owned enterprises; (4) under the same conditions, political relations under the influence of IPO financing enterprises of developed area revenue and financing costs on the economy is greater than the level of economic level in developed areas of the enterprise. On the whole, the political relations can bring IPO financing convenience for the enterprise, which is reflected in the IPO financing income, and the impact on prices is higher than the scale of financing and financing The model is also reflected in the IPO financing cost, and the influence on the dominant cost is greater than that of the recessive cost.
Based on the conclusion, this article from the regulators, put forward the corresponding improvement suggestions in three aspects of enterprise managers and investors, the regulators should gradually improve the IPO approval system and pricing system, reduce government intervention, give full play to the market mechanism, at the same time from the limited range of re employment, employment restrictions, employment registration and other aspects of the development of norms and systems accordingly, to avoid corruption. For enterprise operators are not just political relations, it is necessary to consider the form of income, also need to consider the cost, matching and mining at the same time should focus on political resources and enterprise development direction. For investors, in the selection of investment enterprises should pay more attention to the high political relations, and analyze whether the enterprise political relations resources to match with the development strategy of enterprises, to observe whether the enterprise use its own resources to promote the political The improvement of the business performance of the enterprise.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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