政治背景对民营企业融资行为的影响研究

发布时间：2018-02-19 18:56

本文关键词： 政治背景贷款效应资源配置　出处：《南京财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,民营经济得到迅猛发展,越来越多的民营企业家被冠上各种荣誉称号,作为政协或人大代表等角色活跃在政治领域里。许多民营企业也通过各种方式积极的与政府之间建立政治关系。我国的经济体制规定了以国有经济为主要的经济形式,由于在我国,政府把持着资源配置的话语权,这就决定了在资源分配上,国有企业有着一定的优先权。因此,民营企业试图通过建立政治背景来改善在社会资源分配时的劣势地位。但是利益是双向的,政府在给具有政治背景的民营企业提供各种便利的时候,也要求这些民营企业做出一定的“贡献”。在这种情况下,政治背景同时具有正效应和负效应。关于政治背景与企业贷款融资方面的研究,以前的学者基本上都认为政治背景给企业虽然带来了融资上的便利,但是对公司治理的影响却是负面的,也就说政治背景主要发挥了其负效应。本文以全新的视角作为切入点,也就是通过研究政治背景对民营企业融资行为的影响,进而研究政治背景对企业经营效率的影响,发现政治背景发挥的是正效应,可以有效的降低企业代理成本,提高资产周转率,从而提高企业的绩效。本文选取2007—2012年作为研究窗口期,以沪深A股市场上的民营企业上市公司作为研究对象,通过实证研究了政治背景对民营企业贷款融资的影响,并进一步的研究了,在不同制度环境下,是否具有政治背景对民营企业融资行为的影响,结果发现：具有政治背景的企业比没有政治背景的企业更能够获得贷款额度,尤其是能够获取长期贷款。而制度环境越差,政治背景对民营企业获得融资便利性的影响就越弱。政治背景可以替代正式的市场机制,使民营企业的贷款发挥治理效应,进一步的提高银行资金的配置效率。本文的研究为研究政治背景对公司绩效的影响研究提供了一个新的视角。本文的研究改进和创新主要体现在：以前多数学者都是通过研究政治背景与企业投资行为之间以及公司治理等方面的关系,而忽略了政治背景对优化资源配置效率的影响。本文的研究正好弥补了这方面的缺陷,完善了政治背景对民营企业行为影响的研究。
[Abstract]:Since the reform and opening up, the private economy has developed rapidly, and more and more private entrepreneurs have been crowned various honorary titles. As a member of the Chinese people's political Consultative Conference or the National people's Congress, many private enterprises also actively establish political relations with the government in various ways. The economic system of our country stipulates that the state economy is the main form of economy. In our country, the government holds the right to say the allocation of resources, which determines that the state-owned enterprises have a certain priority in the allocation of resources. Private enterprises try to improve their inferior position in the distribution of social resources by establishing a political background. But the benefits are two-way, and the government provides all kinds of convenience to private enterprises with political background. In this case, the political background has both positive and negative effects. Previous scholars basically believed that the political background has brought financing convenience to the enterprise, but the influence on corporate governance is negative, that is to say, the political background mainly exerts its negative effect. That is, by studying the influence of political background on the financing behavior of private enterprises, and then studying the influence of political background on enterprise operating efficiency, it is found that the political background exerts a positive effect, which can effectively reduce the agency cost of the enterprise. In order to improve the performance of enterprises, this paper selects 2007-2012 as the window of study, and takes the listed companies of private enterprises in Shanghai and Shenzhen A-share market as the research objects. Through the empirical study of the impact of political background on private enterprise loan financing, and further study, under the different institutional environment, whether there is political background on private enterprise financing behavior, The results show that enterprises with political background can obtain loan quota more than those with no political background, especially long-term loans. The worse the institutional environment is, The influence of political background on the convenience of obtaining financing for private enterprises is weaker. Political background can replace the formal market mechanism and make the loans of private enterprises play a governance role. The research in this paper provides a new perspective for the study of the influence of political background on corporate performance. The research improvement and innovation of this paper are mainly reflected in: most previous scholars. Through the study of the relationship between the political background and corporate investment behavior, as well as corporate governance, The influence of political background on the efficiency of resource allocation is neglected. The research in this paper makes up for the defects in this aspect and improves the research on the influence of political background on the behavior of private enterprises.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.5;D0;F832.4

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