制度环境、金融关联与民营企业成长性

发布时间：2017-12-27 00:22

本文关键词：制度环境、金融关联与民营企业成长性　出处：《浙江财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：十八届三中全会以来,民营经济发展取得长足进步。但是由于转型经济国家制度环境的固有缺陷,民营企业在发展过程中碰到一系列问题,比如“融资难”、“融资贵”、“所有制歧视”,这些问题的存在与十八大报告提倡的“要保证各种所有制经济依法平等使用生产要素”的目标还有一定差距。面对金融机构“雁过拔毛”,民企用钱“既贵又难”的问题,资金资源的匮乏让许多民营企业的成长也仅是“昙花一现”。因此,为了降低制度环境缺陷带来的风险,也为了获得更多资源,民营企业纷纷转向中国传统的“关系”机制。其中金融关联,即聘请具有金融机构工作背景的人士担任企业高管就是建立在“关系”基础上的社会机制。金融关联企业可以利用高管的社会资本为企业带来诸多好处,比如,加强内部监督、提高企业声誉、缓解企业融资约束、为企业带来有效资源,从而对民营企业长久发展产生一定影响。民营企业建立金融关联很大动因是从金融机构获得资金支持以期为企业长久发展提供保障,但是该举措的效果如何?金融关联是否会影响企业成长性?就现有文献来看,国内外学者对有关企业成长性的问题研究较多,但是鲜有文献关注金融关联对民营企业成长性的影响,尤其是在特定制度环境背景下的研究。据此,本文试图探讨金融关联、制度环境与民营企业成长性三者之间的内在联系,并尝试提出以下研究问题:一是研究金融关联(银行和非银行金融关联)对民营企业成长性的影响;二是探讨制度环境的差异是否会影响金融关联(银行和非银行金融关联)与民营企业成长性的关系。本文以2009-2014年我国深沪两市A股民营上市公司为研究样本,借鉴国内外的研究,基于资源依赖理论、社会资本理论、信息不对称理论和制度理论,应用规范和实证方法探讨金融关联对民营企业成长性的影响。首先,本文检验了金融关联与民营企业成长性的关系;其次,从银行金融关联和非银行金融关联出发,研究两者对民营企业成长性影响上的差别;最后,区分在不同的制度环境(政府干预程度、法治环境和金融发展水平)下,探讨金融关联对民营企业成长性的影响是否存在显著差异。研究结果表明:(1)金融关联可以促进民营企业成长性。(2)相对于非银行金融,银行金融关联对民营企业成长性的促进作用更强。(3)制度环境也会影响金融关联与民营企业成长性的关系,具体是随着金融发展程度的提高,银行和非银行金融关联对民营企业成长的促进作用均会减弱;随着政府干预的减少,银行金融关联对民营企业成长的促进作用会减弱,但是其对非银行金融关联与民营企业成长性的影响没有通过显著性检验;法律环境只对银行金融关联具有调节作用,对非银行金融关联与成长性的关系的调节作用不显著。本文的研究拓宽了金融关联经济后果的文献范围,丰富了民营企业成长性影响因素的研究。同时,本文对企业关系机制建立提供了一些建议,也对制度环境的完善具有一定启示意义。
[Abstract]:Since the third Plenary Session of the 18th CPC Central Committee, the development of private economy has made great progress. But because of the inherent defects of countries in economic transformation of the institutional environment, private enterprises encounter a series of problems in the process of development, such as financing difficulties, financing expensive, ownership discrimination, the existence of these problems and eighteen report calls "to ensure that there is a certain gap between all sectors of the economy in accordance with the equal use of production factors" target. In the face of financial institutions, private money "plucking" both expensive and difficult problems, lack of capital resources for many growth of private enterprises is the only "flower briefly as the broad-leaved epiphyllum". Therefore, in order to reduce the risks brought by the institutional environment defects and to obtain more resources, private enterprises have turned to the traditional "relationship" mechanism in China. Among them, the Financial Association, that is, to employ people with the background of the work of the financial institutions to serve as the executive is the social mechanism based on the "relationship". Financial related enterprises can bring many benefits to enterprises by using social capital of executives, such as strengthening internal supervision, improving corporate reputation, easing corporate financing constraints, and bringing effective resources to enterprises, thus having a certain impact on the long-term development of private enterprises. Private enterprises to establish large interconnected financial motivation is from financial institutions to obtain financial support for long-term development of enterprises to provide protection, but the move effects? Will influence the growth of financial related enterprises? On the existing literature, scholars at home and abroad on the enterprise growth problem research more, but little literature about Financial Association on the influence of private enterprise growth, especially in the study of specific institutional environment. Accordingly, this paper tries to explore the internal relations between the financial association and the institutional environment and the development of private enterprises of the three, and try to put forward the following research questions: one is to study the Financial Association (banks and non bank financial association) the influence on the growth of private enterprises; the two is to explore the difference of environment will affect the Financial Association (banks and non bank financial association) relationship with the growth of private enterprises. In this paper, 2009-2014 of China's two cities of Shenzhen and Shanghai A shares of private listed companies as research samples, reference research at home and abroad, resource dependence theory, social capital theory, asymmetric information theory and system theory based on the application of normative and empirical methods to study the impact of Financial Association on the growth of private enterprises. First, this paper examines the relationship between growth and Financial Association of private enterprises; secondly, from the perspective of Banking Association and non bank financial research association, the two effects of the difference of the growth of private enterprises; finally, distinguish between different system environment (the extent of government intervention, legal environment and financial development level), to explore the influence of financial related to the growth of the private enterprises whether there are significant differences. The results show that: (1) financial association can promote the growth of private enterprises. (2) relative to non bank finance, banking financial association has a stronger role in promoting the growth of private enterprises. (3) the institutional environment will also influence the growth of the relationship between Financial Association and private enterprises, in particular with a higher level of financial development, to promote the role of banks and non bank financial related to the growth of private enterprises will decrease; with the decrease of government intervention, promote the banking association the growth of private enterprises will be weakened, but the influence on the growth of non bank financial association and private enterprises notsignification; legal environment only has moderating effect on bank finance association, moderating effect on the relationship between non bank financial associated with the growth of no significant. This study broadens the literature scope of the financial associated economic consequences and enriches the research on the factors affecting the growth of private enterprises. At the same time, this paper provides some suggestions for the establishment of enterprise relationship mechanism, and also has some implications for the improvement of the system environment.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F276.5;F275

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