摘要
本文基于2007-2013年沪深两地证券交易所上市的1514个中国民营公司样本数据,重点考察了地区金融发展差异下政治关联对民营企业融资约束的影响。研究结果表明:政治关联和金融发展对缓解民营企业的融资约束都具有一定作用,但是政治关联的缓解效应在地区之间存在显著差异,在金融发展程度较低的地区该效应较大,而在金融发展程度较高的地区则较小。这意味着在评价政治关联对缓解民营企业融资约束的作用时,应充分考虑地区之间金融发展的差异。由于在金融发展程度较低的地区,政治关联对金融发展具有明显的替代作用,因此应防止企业和政府过多依赖政治关联缓解融资约束而忽视对地区金融市场的培育。
T his paper based on 1514 China private listed companies sample data in the Shanghai and Shenz‐hen Stock Exchange from 2007 to 2013 focuses on the influence of political association to private enterprise financing constraints of regional financial development differences .T he research results show that ：political connections and financial development has certain effect to alleviate the financial constraints of private en‐terprises ,but there is significant difference in the effect between regions .The effect is larger in the degree of financial development in the lower parts ,and it is small in the degree of financial development in the higher area .This means that it should take full account of the differences of financial development between regions in the evaluation of political connections to ease financing constraints the role of private enterpri‐ses .Because of the degree of financial development in the area of low ,political association has obviously substitute for financial development ,therefore ,it should be to prevent the enterprises and governments re‐lying too much on political association to ease financing constraints and ignore the cultivation of regional fi‐nancial market .
出处
《西安财经学院学报》
CSSCI
2015年第6期36-42,共7页
Journal of Xi’an University of Finance & Economics
基金
国家社会科学基金"双重二元结构约束下我国金融资源配置效率研究"(13CJY130)
关键词
政治关联
地区金融发展
民营企业
融资约束
political association
regional financial development
private enterprises
financing constraints
