民营企业家的政治关联、贷款融资与公司价值  

Political Connection of Private Businessmen,Loan Funding and Firm Value

作　　者：何镜清[1] 李善民[1] 周小春[2] 

机构地区：[1]中山大学管理学院 [2]华南农业大学经济管理学院

出　　处：《财经科学》2013年第1期83-91,共9页Finance & Economics

基　　金：国家自然科学基金(70972074);教育部人文社科青年项目(09YJC630090);华南农业大学"211"青年项目"政治关系与农业龙头企业成长:制度机理与作用路径"(2012211QN05)的资助

摘　　要：本文考察了金融危机背景下民营企业家政治关联的贷款效应及其对公司价值的影响。以2006-2010年我国民营上市公司为样本,实证检验发现:民营企业家的政治关联使企业获得更高的银行贷款比率和更长的贷款期限,同时民营企业家的政治关联程度越高,政治关联在金融危机中的贷款效应越明显。此外,虽然民营企业家的政治关联有利于公司价值的提高,但政治关联的贷款效应对公司价值有负作用。以上结论表明,政治关联虽然给民营企业带来债务融资便利,但并不利于银行信贷资金的有效配置。This paper tests the political connections of private entrepreneurs whether impact on bank loans and these bank loans whether impact on company value under the background of the financial crisis. Based the sample of private listing Corporation from 2006 to 2010 , the empirical results show that： （ 1 ） the political connections can be benefit for the enterprise to obtain the higher bank loan ratio and a longer duration of the loan; （2） The degree of the political connections is higher, the loan effect is more obvious in financial crisis; （3） Political connections are conducive to enhance the value of the company, but the political association loan effect has a negative effect on company value. The above conclusion suggest that although political connections bring the debt financing facilities for the private enterprise, but is not conducive for bank to efficiently allocate credit capital.

关 键 词：政治关联 贷款效应 公司价值 

分 类 号：F276.5[经济管理—企业管理] F832.4[经济管理—国民经济] F224