政治关联对民营企业信贷融资影响研究

发布时间：2018-07-05 19:15

本文选题：政治关联 + 信贷融资　；参考：《山西财经大学》2014年硕士论文

【摘要】：在我国转型背景和关系主导型的社会结构下，民营企业的政治关联广泛存在，并对民营企业经营活动、财务状况、企业价值等诸多方面产生了深刻的影响。众多研究表明，政治关联可以使民营企业获得各种资源，尤其是稀缺和垄断的资源，比如政府订单、税收优惠和行业准入许可等。相对于国有企业，民营企业受到的融资约束比较大，，政治关联的存在是否同样有助于缓解融资约束尤其是信贷融资约束？政治关联对民营企业信贷融资有何影响？这些问题的研究有助于深入理解我国转型实践中民营企业的融资行为以及融资结构的形成。本文在对国内外政治关联、信贷融资的理论文献进行系统梳理的基础上，采用理论分析与实证检验相结合的方法，从贷款规模、贷款期限、信贷成本三个方面研究政治关联对民营企业信贷融资的影响。其中理论分析包括对我国民营企业政治关联产生背景和方式的分析、政治关联对我国民营企业信贷融资影响的理论阐释。在此基础上，实证分析则是选取在上海交易所上市的民营企业2010-2012三年间的数据为研究样本，分别对样本进行了描述性统计分析、Person相关性分析与多元统计回归分析。研究结果显示：（1）相对于无政治关联的公司而言，有政治关联的公司容易获得更大规模的信贷资金；（2）建立政治关联除了有利于公司信贷资金规模的扩大，还有利于公司贷款期限的延长；（3）政治关联对我国民营上市公司的信贷融资成本有影响，即存在政治关联的民营上市公司，其信贷融资成本相对比不存在政治关联的公司要低，融资更便利。本文的主要创新之处在于：（1）系统地研究了政治关联与民营企业信贷融资间的相互关系。国内外已有研究绝大多数只证明政治关联在民营企业中普遍存在且具有融资上的便利性，而对于融资便利性的具体表现不够全面与系统。本文则从贷款规模、贷款期限、信贷成本三个层面全方位、多角度地研究了民营企业政治关联对信贷融资的影响，是对现有研究的进一步丰富和完善。（2）拓展了民营企业信贷融资成本的研究视角。现有文献专门针对民营企业信贷融资成本的研究比较少，少数的一些研究也仅限于分析性描述，很少从政治关联角度研究民营企业融资成本，本文在研究中，重点考察政治关联对民营企业信贷融资成本的影响，在一定程度上是对现有研究不足的弥补。
[Abstract]:Under the background of transformation and the relationship oriented social structure, the political connection of private enterprises exists widely, and has a profound impact on the management activities, financial situation, enterprise value and many other aspects of private enterprises. Many studies have shown that political connections can enable private enterprises to obtain a variety of resources, especially scarce and monopolistic resources, such as government orders, tax concessions and industry access permits. Compared with state-owned enterprises, private enterprises are subject to a relatively large financial constraints, the existence of political connections will also help ease the financing constraints, especially credit financing constraints? What influence does political connection have on the credit financing of private enterprises? The research of these problems is helpful to understand the financing behavior and the formation of financing structure of private enterprises in China's transformation practice. On the basis of systematically combing the theoretical literature of domestic and foreign political connections and credit financing, this paper adopts the method of combining theoretical analysis and empirical test, from the loan scale, loan duration, The impact of political connection on private enterprise credit financing is studied in three aspects of credit cost. The theoretical analysis includes the analysis of the background and mode of the political connection of the private enterprises in China, and the theoretical explanation of the influence of the political connection on the credit financing of the private enterprises in China. On this basis, the empirical analysis is based on the data of private enterprises listed on Shanghai Stock Exchange from 2010 to 2012, and carries out descriptive statistical analysis, person correlation analysis and multivariate statistical regression analysis. The results show that: (1) compared with the company without political connection, the politically connected company is easy to obtain the larger credit funds; (2) the establishment of the political connection is not only conducive to the expansion of the scale of the company's credit funds, (3) the political connection has an influence on the credit financing cost of the private listed company, that is, the private listed company with the political connection has lower credit financing cost than the company without the political connection. Financing is more convenient. The main innovations of this paper are as follows: (1) the relationship between political connection and private enterprise credit financing is studied systematically. Most of the previous studies at home and abroad only prove that political connections exist in private enterprises and have the convenience of financing, but the specific performance of financing convenience is not comprehensive and systematic. This paper studies the influence of political connection of private enterprises on credit financing from three aspects: loan scale, loan term and credit cost. It is the further enrichment and perfection of the existing research. (2) expand the research angle of the private enterprise credit financing cost. There are few researches on the credit financing cost of private enterprises, a few researches are limited to analytical description, and few researches on the financing costs of private enterprises from the angle of political relevance. To a certain extent, the influence of political connection on the cost of credit financing of private enterprises is a remedy for the insufficiency of existing research.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.5;F275

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