政治联系、银行贷款与公司价值  

Political Connections,Bank Loans and Firm Value

作　　者：连军[1] 刘星[1] 杨晋渝[2] 

机构地区：[1]重庆大学经济与工商管理学院 [2]重庆大学经济与工商管理

出　　处：《南开管理评论》2011年第5期48-57,共10页Nankai Business Review

基　　金：国家自然科学基金项目(71172082);中央高校基本科研业务费(CDJXS11020005)资助

摘　　要：以中国民营上市公司为样本,考察政治联系以及制度环境差异对民营企业获取银行贷款的影响,并进一步分析银行贷款对企业价值和社会资源配置效率的影响。研究结果表明:(1)民营企业的政治联系影响了银行的放贷决策,与政府建立政治联系的民营企业可以获取更多的银行贷款;(2)制度环境越差的地区,政治联系越有助于民营企业获取银行融资便利,构建政治联系是民营企业克服市场制度缺陷的一种非正式替代机制;(3)建立政治联系的民营企业,其背负的银行债务促进了企业价值的提升,能够发挥一定的债务治理作用,政治联系为企业带来的银行资金是有效率的资源配置。本研究为加深理解政治联系对公司价值和社会资源配置效率的影响提供了一个有意义的视角。Nowadays in China＇s private economy,many enterprises have established political connections with government and its officials.What is the motivation of private enterprises to establish political connections？ What is the impact of political connections on private enterprises＇ operation and governance？ We will explore these questions from the perspective of enterprises＇ bank-debt.Choosing private listed enterprises in China A share market during 2002~2007 as samples,this paper studies the impact of political connections and market institutions on acquiring bank loans for private enterprises,and analyzes the governance effect of bankdebt and its impact on firm value.The empirical results show that：（1） Political connections have influenced bank＇s lending policy;the private enterprises which have political connections could obtain more loans from bank.（2） Poorer the institutional environments are,stronger the effect of political connections in helping private enterprises to obtain more bank loans is;building political connections is an informal substitute mechanism for private enterprises to overcome the drawbacks of market institutions;the benefit of acquiring more loans from bank is one basic motivation for private enterprises to establish political connections.（3） In the private enterprises with political connections,the bank loans have governance effect to some extent and can increase firm value;the allocation of bank loans through political connections is efficient for private enterprises under China＇s market environments.The main policy implication of this paper is to further promote market-oriented reforms and further reduce government intervention in the field of competitive economy;only in a fair market environment,private enterprise can focus on production and innovation rather than establish political connections to overcome the drawbacks of market institutions;fair market institutions are of vital importance for private enterprise development and national economic growth.This st

关 键 词：政治联系 民营企业 银行贷款 公司价值 

分 类 号：F832.4[经济管理—金融学]