银行关联如何缓解融资约束:直接机制还是间接机制

发布时间：2018-04-27 13:33

本文选题：银行关联 + 融资约束　；参考：《当代财经》2017年05期

【摘要】：银行关联直觉上是降低企业融资约束的有效手段,但考虑到其与政治关联因素在企业融资约束影响中存在较大的互相干扰,且银行关联与融资约束间存在着显著的内生性,基于新兴国家背景的理论与经验研究仍然缺乏。利用一个考虑了银行关联与政治关联的独特研究设计,证明了在中国银行关联对企业融资约束的缓解作用受到政治关联的严格约束。在有政治关联的公司,银行关联能起到锦上添花的作用,能进一步缓解企业融资约束;而在没有政治关联的公司,银行关联并不能发挥缓解融资约束的作用。因此,政治关联是银行关联发挥作用的前提条件。民营企业中银行关联对融资约束的缓解作用不明显,而国有企业则作用显著。由此可知:在中国银行关联通过间接机制而非直接机制对企业缓解融资约束发挥作用。
[Abstract]:Bank relevance intuition is an effective means to reduce corporate financing constraints, but considering that there is a greater mutual interference between them and political correlation factors in the influence of corporate financing constraints, and there is a significant endogenous relationship between bank association and financing constraints. Theoretical and empirical studies based on the background of emerging countries are still lacking. By using a unique research design which considers the relationship between banks and politics, it is proved that the mitigation of corporate financing constraints by bank association in China is strictly constrained by political association. In politically connected companies, banking linkages can add to the cake and further ease corporate financing constraints, while in companies without political connections, banking linkages do not play a role in easing financing constraints. Therefore, the political connection is the precondition for the bank association to play a role. In private enterprises, the role of bank association to alleviate financing constraints is not obvious, while the role of state-owned enterprises is significant. It can be seen that the bank association in China plays an important role in easing financing constraints through indirect mechanism rather than direct mechanism.
【作者单位】：华南理工大学经济与贸易学院;
【分类号】：F832.4

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