政治关联与资本结构调整速度

发布时间：2018-04-03 06:23

本文选题：政治关联　切入点：民营企业　出处：《南开经济研究》2017年02期

【摘要】：相关研究表明,政治关联作为一种非正式制度,能够降低企业尤其民营企业的融资摩擦,增强民营企业的外部融资能力。本文利用我国民营上市公司的政治关联数据和财务数据,实证考察了民营企业高管政治关联对资本结构调整速度的影响。实证研究结果表明,无论采用两阶段还是一阶段动态部分调整模型,政治关联样本公司的资本结构调整速度均显著高于无政治关联样本公司的资本结构调整速度。在进一步控制"机械性均值回归"后,上述结果依然存在。这些结果表明,民营企业的政治关联作为一种非正式制度,确实能够降低民营企业资本结构调整成本,提高其资本结构调整速度。本文从一个全新的视角为政治关联的价值效应提供了一种新的经验证据。
[Abstract]:Relevant studies show that as an informal institution, political association can reduce the financing friction of enterprises, especially private enterprises, and enhance the external financing ability of private enterprises.Using the political and financial data of private listed companies in China, this paper empirically investigates the influence of political association of private executives on the speed of capital structure adjustment.The empirical results show that the speed of capital structure adjustment of the sample companies with political connections is significantly higher than that of the firms without political connections, regardless of whether they adopt the two-stage or one-stage dynamic partial adjustment model.After further controlling the mechanical mean regression, the above results still exist.These results show that the political connection of private enterprises, as an informal institution, can really reduce the cost of capital structure adjustment and improve the speed of capital structure adjustment of private enterprises.This paper provides a new empirical evidence for the value effect of political connection from a new perspective.
【作者单位】：南昌大学经济管理学院;
【基金】：国家自然科学基金项目“制度安排与公司资本结构的动态调整”(71062003);国家自然科学基金项目“公司债务保守主义之谜”(71462025) 江西省社科规划基金项目“企业慈善捐赠愿意、动机及其经济后果研究”(13GL10)的资助
【分类号】：D0;F271

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