银企关系、政治联系与民营企业对外直接投资——基于我国民营上市企业的经验研究

发布时间：2018-04-17 21:53

本文选题：银企关系 + 政治联系　；参考：《国际贸易问题》2017年10期

【摘要】：本文分析银企关系、政治联系是否有利于民营企业进行对外直接投资。以我国2006—2015年在沪深交易所上市的民营企业为样本,以这些企业的高管是否曾经或现在在金融机构任职来判断企业是否具有银企关系,以企业的董事长或者总经理是否是前任或现任的政府官员、人大代表或政协委员来判断企业是否具有政治联系。研究发现银企关系、政治联系均显著地正向影响了其对外直接投资;企业的融资约束越高,政治联系的投资效应越明显,而在低市场化地区,政治联系的这种投资效应也更显著。本文的结论对于理解银企关系、政治联系对企业对外直接投资的影响具有一定的参考价值。
[Abstract]:This paper analyzes the relationship between banks and enterprises, whether political ties are conducive to foreign direct investment of private enterprises.Taking the private enterprises listed on the Shanghai and Shenzhen Stock Exchange from 2006 to 2015 as a sample, whether the senior executives of these enterprises have or are working in financial institutions to judge whether the enterprises have a bank or enterprise relationship,Whether the chairman or general manager of the company is a former or current government official, NPC deputy or CPPCC member is used to judge whether the company has political ties.It is found that the relationship between banks and enterprises and the political connections have a significant positive impact on their outward direct investment, and the higher the financing constraints of enterprises, the more obvious the investment effect of political ties, while in the low market-oriented areas,This investment effect of political ties is also more pronounced.The conclusion of this paper has some reference value for understanding the relationship between banks and enterprises and the influence of political connection on foreign direct investment.
【作者单位】：上海大学经济学院;
【基金】：国家社会科学基金“我国FTA战略对外贸与经济的影响与研究”(13CJY002) 上海哲学社会科学重大基金项目“全球价值链重构下全面推升上海开放型经济水平研究”(2016WZD001)
【分类号】：D630;F276.5;F832.51

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