产业政策、银行关联与企业债务融资——基于A股上市公司的实证研究

发布时间：2017-12-31 02:27

本文关键词：产业政策、银行关联与企业债务融资——基于A股上市公司的实证研究　出处：《金融研究》2015年03期 　论文类型：期刊论文

【摘要】：本文从产业政策的视角研究了企业聘请具有商业银行背景的人士担任公司董事(银行关联)的动机及其对债务融资的影响。本文发现,不属于产业政策支持行业的企业更有动机去建立银行关联。本文还发现,企业建立银行关联能够显著增加企业的银行借款总额和长期借款,体现出银行关联的资源效应和信息效应。但对于不属于产业政策支持行业的企业而言,建立银行关联会显著减少其长期借款水平,并降低长期借款的波动性,以应对产业政策对长期债务融资的限制,体现出银行关联的管理效应。进一步的分析表明,对于不属于产业政策支持行业的企业而言,银行关联与政治关联发挥互补作用;对于属于产业政策支持行业的企业而言,银行关联与政治关联发挥替代作用。
[Abstract]:This paper studies the enterprise from the perspective of industrial policy to hire people with the background of the commercial bank as a director of the company (Bank Association) motivation and its effect on debt financing. This paper found that the industry does not belong to the industrial policy support enterprises have more motive to establish Bank Association. This paper also found that enterprises can significantly increase the bank loan bank association the total and long-term borrowing enterprises, reflecting the resource effect and information effect of bank related. But does not belong to the industry of industrial policy to support enterprises, the establishment of Banking Association will significantly reduce the long term borrowing level, and reduce the volatility of long-term borrowing, in order to deal with the industrial policy on long-term debt financing constraints, reflecting management the effect of Bank Association. Further analysis shows that the industry does not belong to the support of industrial policy of enterprises, banks associated with political association play For enterprises that belong to industrial policy support industry, bank association and political association play an alternative role.

【作者单位】：对外经济贸易大学国际商学院;北京大学光华管理学院;
【基金】：国家自然科学基金项目(项目批准号:71102077;71132004;71472040;71472042) 财政部“会计名家培养工程”(财会[2013]27号文) “对外经济贸易大学优秀青年学者培育计划”(项目批准号:2012YQ04)资助
【分类号】：F275;F832.4
【正文快照】： 一、引言在转型经济国家,由于市场机制不完善,企业往往会通过声誉、人际关系等替代机制来帮助其获得融资(Allen et al.,2005)。因此,企业如何通过替代机制打破制度环境束缚,突破其发展瓶颈便成为学界关注的一个重要问题。现有的学术研究主要探讨企业如何通过政治关联来帮助其

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