市场化进程、银行关联与企业价值——基于我国民营上市公司的经验数据研究  

Marketization process,Banking Connection and Firm Value:An empirical Study on Private Listed Companies

作　　者：翟胜宝[1] 易旱琴 马静静[1] 

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《财经论丛》2015年第6期75-81,共7页Collected Essays on Finance and Economics

基　　金：国家社科基金资助项目(14BJY206);安徽省哲学社会科学规划资助项目(AHSK11-12D09);安徽省哲学社会科学规划资助项目(AHSKQ2014D41)

摘　　要：以我国2008-2012年民营上市公司为样本,研究银行关联对民营企业价值的影响。结果发现:银行关联作为一种社会资本有助于提高民营上市公司的企业价值;相比市场化程度高的地区,在市场化程度低的地区,银行关联能够更显著地提高民营上市公司的企业价值。本文的研究为切实解决我国民营企业的融资约束、金融市场资源配置以及企业价值提升问题提供了有益的启示。This paper studies the influence of the banking connection on the firm value of private listed companies based on the samples of private listed companies in China from 2008 to 2012. The results show that the banking connections as a so- cial capital can help private listed companies improve their firm value, and that compared with the areas with higher marketiza- tion degree, this influence is much greater in areas with lower marketization degree. This paper provides some useful enlight- enment for the effective solution of problems like private companies＇ financing constraints, resource allocation and the promo- tion of firm value.

关 键 词：银行关联 民营企业 企业价值 市场化进程 

分 类 号：F275[经济管理—企业管理]