银企关系、政治联系与银行借款——基于中国民营上市公司的经验证据  

Bank-Enterprise Relationships,Political Connections and Bank Loans:Empirical Evidences from China’s Private Listed Firms

作　　者：杜颖洁[1] 杜兴强[2] 

机构地区：[1]上海大学管理学院,上海200444 [2]厦门大学管理学院,福建厦门361005

出　　处：《当代财经》2013年第2期108-118,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金项目(71072053)

摘　　要：文章手工搜集了2004-2008年中国民营上市公司高管具有的银企关系和政治联系的数据,实证研究了银企关系、政治联系对民营上市公司银行借款的影响。研究结果表明,银企关系、政治联系均与民营上市公司的银行借款显著正相关。进一步,文章发现银企关系与政治联系均与民营上市公司的长期借款显著正相关,但仅有银企关系显著增加了民营上市公司的短期借款。Having collected the data concerning the bank-enterprise relationships and political con- nections possessed by the top managements of China＇ s private listed companies from 2004 to 2008, this study conducts an empirical analysis of the impact of bank-firm relationships and political con- nections on bank loans to the private listed companies. The results show that both bank-firm relation- ships and political connections have significant positive correlation with bank loans to private listed firms. Furthermore, bank-firm relationships and political connections have significant positive correla- tion with the long-term bank loans to them, and only bank-firm relationships can significantly increase the short-term bank loans to the private listed companies.

关 键 词：银企关系 政治联系 银行借款率 制度环境 

分 类 号：F234.3[经济管理—会计学]