基于政企关系的信贷融资差异与投资适度性研究

发布时间：2018-03-06 17:03

本文选题：政企关系　切入点：信贷融资　出处：《华南理工大学》2014年博士论文　论文类型：学位论文

【摘要】：理顺政府与企业的关系是中国经济体制改革中的重要问题。长期以来，由于国有企业和政府之间的“父子关系”，国有企业受到政府在政策上的特殊照顾，与民营企业之间存在不公平的竞争，由此破坏了市场在资源配置中的基础作用。本文从分析国有企业和民营企业的信贷融资差异入手，并从对企业投资适度性影响的角度分析这种差异化信贷所造成的消极影响。研究结论有助于深化对现阶段我国政企关系存在问题的认识。党的十八届三中全会提出“使市场在资源配置中起决定性作用”，理顺政府和企业，尤其是和国有企业之间的关系也是使市场机制发挥有效作用的关键因素。本文的研究具有重要的理论价值和现实意义。本文首先对国内外学者关于政府与市场之间的关系、政企关系以及民营企业的政治关系对其财务行为影响的相关文献进行梳理。通过总结相关研究文献，提出近年来国内学者对企业政治关系的研究存在研究视角的局限和研究方法上的不足，进而把本文的研究视角放在政府与国有企业以及政府与民营企业两类不同政企关系上。通过对现阶段我国政企关系的现状进行考察，指出经过这些年来的国有企业改革和国有经济战略重组，在垄断性行业中形成政府和国有企业的“政企联盟”。由于政府权力过于集中，政府掌握着企业生存和发展中的关键资源，民营企业为了争取良好的发展环境，与政府建立政治关系成为其战略之一。紧接着，本文对企业外部融资环境和融资现状进行考察，通过文献和数据的整理，说明在企业最主要的融资渠道——信贷资本市场中，国有银行占据垄断地位；在企业的直接融资渠道——股票市场和债券市场中，政府牢牢地控制着发行审批权。政府掌控着企业生存和发展中最重要的金融资源，也就意味着政府在一定程度上能够决定企业的命运。本文以实证研究为核心，研究重心在最后的实证研究部分。通过研究有以下发现：首先，本文研究了不同政企关系的信贷融资差异。本文的研究发现，国有企业与民营企业之间存在信贷融资差异，体现在国有企业获得的借款数量、借款中的长期借款和信用借款比重高于民营企业。本文还考察了实施“抓大放小”和“有进有退”的国有经济战略重组政策对这种信贷差异的影响，研究发现，在国有经济占主导地位的行业，，国有企业与民营企业的借款数量和债务期限差异更加明显，在一般竞争性行业，这种差异有所减轻。本文的研究还发现地区信贷市场化水平提高有助于减轻这种信贷融资差异。其次，本文研究了这种信贷融资差异所产生的后果。本文研究发现，民营企业投资对内源融资更加敏感。偏离适度投资规模的投资不足和投资过度是企业非效率投资的一种表现形式。本文建立适度投资模型把全部样本区分为投资不足、投资适度和投资不足三个子样本。在对投资不足样本组的研究中发现，国有企业投资受信贷融资的制约程度低于民营企业；在对投资过度样本组的研究发现，信贷融资总体上对过度投资具有一定的抑制作用，但对国有企业过度投资的制约明显弱于民营企业。这些研究结果说明国有企业和民营企业的信贷差异对信贷资源配置效率产生了消极影响。金融市场在资源配置中所起的作用应该是降低交易成本，减轻企业的融资约束，进而提高企业的投资效率。本文的研究结果说明由于政府对金融市场的控制，政府和国有企业之间的特殊关系导致不公平融资环境，因此要使市场在资源配置中起决定性作用，就要限制政府的权力，理顺政企之间的关系。
[Abstract]:Rationalize the relationship between government and enterprises is an important problem in China economic reform. For a long time, because between the state-owned enterprises and the government's "father and son", the state-owned enterprises by the government in special care policy, there is unfair competition between private enterprises, by the destruction of the basic role of the market in resource allocation. Based on the analysis of the state-owned enterprises and private enterprises financing differences start, and analyze the negative effects of this credit caused by the difference from the moderation effect on business investment perspective. The research conclusion is helpful to deepen the understanding of the problems at the present stage in our country. The relationship between the party's the third Plenary Session of the 18th CPC Central Committee proposed make the market play a decisive role "in the allocation of resources, government and enterprises, especially the relationship between state-owned enterprises and also make the market mechanism play a key factor in the effective role. The study of the article is of great theoretical and practical significance.
Firstly, the relationship of domestic and foreign scholars on the government and the market, it will affect the relationship between private enterprises and political relations on the financial behavior analysis. Through summarizing the relevant literature, put forward in recent years the domestic scholars on corporate political relations research lack of research perspective and research methods, and the research perspective of this paper on the government and the state-owned enterprises and government and private enterprises two kinds of relations between government and enterprises. By studying the status quo of the current stage of China's government relations, pointed out that after all these years of reform of state-owned enterprises and state-owned economy strategic reorganization, in the monopoly industry in the formation of the government and state-owned enterprises "enterprises the alliance". Due to excessive concentration of government power, the government holds the key resource for the survival and development of enterprises, private enterprises to strive for the development of good ring The establishment of political relations with the government has become one of its strategies.
Then, the paper discusses the external financing environment of enterprises and the financing situation, through the literature and data collection, in the enterprise the main financing channel of credit in the capital market, the state-owned banks occupy a monopoly position in the enterprise; direct financing channels, the stock market and bond market, the government firmly in control of the issuance examination and right. The government holds the most important survival and development of enterprises in the financial resources, which means that the government can decide the fate of the enterprise in a certain extent.
This paper takes empirical research as the core and focuses on the final empirical research.
First of all, this paper studied the relationship between the different financing differences. This study found that the existence of credit financing differences between state-owned enterprises and private enterprises, state-owned enterprises in the number of loans, borrowing in long-term loans and credit loans higher than the proportion of private enterprises. This paper also discusses the implementation of "large" and ". Take" policy on the strategic restructuring of state-owned economy credit differences influence, the study found that the state-owned economy dominant industry, state-owned enterprises and private enterprises loan amount and debt maturity difference is more obvious, in general competitive industries, this difference has been reduced. This study also found that the level of market credit this increase is helpful to reduce the financing credit differences.
Secondly, in this paper the credit financing is the consequence of this difference. This study found that the investment of private enterprises is more sensitive to internal financing. From moderate investment underinvestment and overinvestment is a manifestation of the inefficiency investment of the enterprises. This paper establish appropriate investment model to distinguish all samples for lack of investment, investment and the lack of investment in the three sub samples. In a study of the lack of investment group, investment in state-owned enterprises is restricted by the degree of credit financing is lower than that of private enterprises; research on investment over the sample group, the credit financing of over investment have a certain effect, but restrict the over investment of state-owned enterprises was weak in the private enterprises. The research results indicate that credit differences between state-owned enterprises and private enterprises have a negative impact on the efficiency of the allocation of credit resources.
The financial market plays a role in the allocation of resources should be to reduce transaction costs, reduce the financing constraints of enterprises, and improve the investment efficiency of enterprises. The research results show that due to government control of the financial market, the special relationship between the government and state-owned enterprises lead to unfair financing environment, so to make the market play a decisive role in the allocation of resources, it is necessary to limit the power of the government, straighten out the relationship between the government and enterprises.

【学位授予单位】：华南理工大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F275;F832.4;D630

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