慈善捐赠、政治关联与债务融资--民营企业与政府的资源交换行为  

Philanthropy,Political Connection and Debt Finance:Reciprocal Behavior of Governments and Private Enterprises

作　　者：李维安[1,2] 王鹏程 徐业坤[4] 

机构地区：[1]南开大学中国公司治理研究院 [2]天津财经大学 [3]南开大学商学院 [4]辽宁大学商学院

出　　处：《南开管理评论》2015年第1期4-14,共11页Nankai Business Review

基　　金：国家自然科学基金重点项目(71132001)、国家自然科学基金面上项目(71372094)资助

摘　　要：民营企业的慈善捐赠是为寻求金融资源而与政府互惠的一种战略行为。本文以2007-2010年1489家民营上市公司为样本,验证了民营企业慈善捐赠对债务融资的影响,并进一步考察了政治关联和政府的作用。研究发现,民营企业慈善捐赠有助于债务融资。这种效应主要发生在政治关联民营企业中,而且信贷分配市场化程度越高,慈善捐赠对债务融资的影响越小,政治关联对两者关系的影响也越小。进一步研究发现,慈善捐赠对债务融资的影响主要体现在长期借款上,管制行业政治关联民营企业的慈善捐赠更有助于债务融资。政府通过对信贷分配的干预与民营企业进行资源交换,是政治关联民营企业慈善捐赠影响债务融资的关键。本文的研究立足于经济社会转型期中国的现实情境,从债务融资角度,证实了民营企业通过慈善捐赠"购买"金融资源的行为逻辑,这对于理解我国民营企业慈善捐赠动机和影响有重要的参考价值。In China, private enterprises have always been facing serious financial constraints. A shortage of funds severely hampers their development, and the crises of capital chain rupture endanger the survival of these enterprises. But, at such condition, private enterprises are contributing more and more to philanthropy. The phenomenon that poor private enterprises are so generous is thought-provoking. Even if it looks like the kind of behavior is irrational, there is no reason to think so. Philanthropy is a strategic behavior taken by private enterprises in order to obtain finan- cial resources from governments. This article adopts a sample of 1489 private listed companies from 2007 to 2010 to examine the relationship between private enterprise philanthropy and the debt finance, further investigates the way by which governments ex- change resources with private enterprises. The results suggest that philanthropy can help private enterprises to get the debt finance, and this effect occurs mainly in the political connected private enterprises; the higher degree of credit allocation marketization is, the less philanthropy can affect the debt finance, and the less influence political connection can exert on that relationship. What＇s more, philanthropy contributes to debt financing mainly because it can help obtain more long-term loan, and this effect is more obvious for political connected private enterprises in regulated industries. Gov- ernments exchange resources with private enterprises by interfering credit allocation is the key for political connected private enterprises philanthropy to affect the debt finance. This paper verifies the action logic of private enterprises philanthropy, which is helpful to understand the motive and influence of private enterprises philanthropy. And the according policy recommendations as follows： firstly, the condition that government dominants resources configuration should be changed, and let market take in charge, in order to improve the financing environment of private enterpris

关 键 词：民营企业慈善捐赠 政治关联 债务融资 资源交换 

分 类 号：F276.5[经济管理—企业管理] D632.9[经济管理—国民经济] D630[政治法律—政治学]