政治关联、资本结构与亏损逆转程度  

Political Connection,Capital Structure and the Degree of Loss Reversal

作　　者：杜军[1] 陈建英[2] 杜勇[3] 熊爱林 

机构地区：[1]广东海洋大学经济管理学院,广东湛江524088 [2]西南大学财务处,重庆400715 [3]西南大学经济管理学院,重庆400715

出　　处：《软科学》2016年第1期56-60,共5页Soft Science

基　　金：国家自然科学基金面上项目(71572153);国家社会科学基金青年项目(13CGL050);教育部人文社会科学研究青年项目(12YJC630010;13YJC630027);中央高校基本科研业务费专项资金项目(SWU1509121;SWU1309202);重庆市社会科学规划青年项目(2014QNGL44)

摘　　要：选取我国2009~2012年沪深两市共528家亏损上市公司为研究样本,检验了政治关联、资本结构与亏损逆转程度之间的关系。研究发现：我国亏损企业的资产负债率与亏损逆转程度正相关;政治关联发挥了债务治理效应,增强了资本结构与亏损逆转程度之间的敏感性。进一步区分政治关联的强度和类别后发现：政治关联越强,其发挥的债务治理效应越大;同时,政治关联的债务治理作用主要来自地方关联,中央政治关联的债务治理影响较小。This paper examines the relationships among political association,capital structure and the extent of the loss reversal based on 528 loss samples in the Shanghai and Shenzhen Stock Exchange from 2009 to 2012. Results show that,firstly,debt financing of Chinese loss companies in general plays a positive role in debt management,asset-liability ratio was positively correlated with the degree of loss reversal. Secondly,political connection plays a positive effect of debt governance and increases the sensitivity of capital structure and loss reversal degree. Thirdly,after further distinguishing the political connection strength and category,it finds out that the stronger the political connection strength is,the greater the effect of debt governance is. At the same time,the debt governance effect mainly comes from the local association other than the central association.

关 键 词：亏损企业 政治关联 资本结构 亏损逆转程度 

分 类 号：F275[经济管理—企业管理]