政治关联与高新技术企业融资约束——基于动态面板GMM模型的实证检验
发布时间：2018-07-26 17:40
【摘要】：基于动态面板GMM模型研究政治关联对高新技术企业融资约束的影响及其作用机制,发现具有政治关系的高新技术企业面临更少的融资约束;相对于大规模企业、国有企业、宽松货币政策时期、政府干预较弱以及金融发展程度较高地区的高新技术企业,小规模企业、民营控股企业、紧缩货币政策时期、政府干预较强以及金融发展程度落后地区的高新技术企业建立政治关联所带来的融资约束缓解效应更为显著;进一步分析发现,政治关联主要通过降低信贷市场信息不对称以及获取政府补贴、银行贷款、权益融资等稀缺资源两种机制来缓解高新技术企业面临的融资约束。
[Abstract]:Based on the dynamic panel GMM model, this paper studies the influence and mechanism of political association on the financing constraints of high-tech enterprises, and finds that high-tech enterprises with political relations face fewer financing constraints. During the period of loose monetary policy, high-tech enterprises, small scale enterprises, private holding enterprises and tight monetary policies in areas with weak government intervention and higher financial development level, The mitigation effect of financing constraint brought by the establishment of political connection between high and new technology enterprises in areas with strong government intervention and backward financial development level is more significant. Political connection can alleviate the financing constraints faced by high-tech enterprises by reducing the information asymmetry in the credit market and obtaining government subsidies bank loans equity financing and other scarce resources.
【作者单位】： 江西财经大学会计学院;江西财经大学科技金融研究中心;
【基金】：国家自然科学基金项目(71362007);国家自然科学基金项目(71562015) 国家软科学研究计划课题(2014GXS4D118) 江西省高校人文社科项目(GL1522) 江西省社会科学“十二五”(2015)规划项目(15GL29)
【分类号】：D0;F275;F276.44
本文编号：2146779
[Abstract]:Based on the dynamic panel GMM model, this paper studies the influence and mechanism of political association on the financing constraints of high-tech enterprises, and finds that high-tech enterprises with political relations face fewer financing constraints. During the period of loose monetary policy, high-tech enterprises, small scale enterprises, private holding enterprises and tight monetary policies in areas with weak government intervention and higher financial development level, The mitigation effect of financing constraint brought by the establishment of political connection between high and new technology enterprises in areas with strong government intervention and backward financial development level is more significant. Political connection can alleviate the financing constraints faced by high-tech enterprises by reducing the information asymmetry in the credit market and obtaining government subsidies bank loans equity financing and other scarce resources.
【作者单位】： 江西财经大学会计学院;江西财经大学科技金融研究中心;
【基金】：国家自然科学基金项目(71362007);国家自然科学基金项目(71562015) 国家软科学研究计划课题(2014GXS4D118) 江西省高校人文社科项目(GL1522) 江西省社会科学“十二五”(2015)规划项目(15GL29)
【分类号】：D0;F275;F276.44
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