作　　者： ;

机构地区： 广东金融学院

出　　处： 《金融研究》 2008年第12期164-178,共15页

摘　　要： 融资难是制约民营企业发展的关键因素，而这种金融困境从根本上讲是一种信用困境。本文构建的理论模型论证了民营企业的政治关系对其融资中的作用，并以中国民营上市公司2002-2005年的经验数据为样本，实证检验了民营企业的政治关系对减轻融资约束的作用。研究发现，相对于没有参与政治的民营企业来说，有政治关系的民营企业其外部融资时所受的融资约束更少；同时，越在金融发展水平低的地区，民营企业的政治关系对其融资的帮助越明显。 The financing problem is the key factor for the development of the private enterprises. The paper builds up a theoretical model to demonstrate the effect of political relation in the financing of private enterprises. Based on the sample of Chinese private enterprises listed from 2002 to 2005, the authors examine the effect of political relation in their financing process. The empirical results show that the private enterprises with some political relation have less financing constraints in their external financing comparing with those private enterprises with no political relation. At the same time, in the region whose local financial system is less developed, the political relation is more helpful.

关 键 词： 政治关系 融资约束 民营控制

分 类 号： [F279.245 F279.246]

领　　域： [] []