政治关联与资本结构调整速度  

Political Connections and Capital Structure Adjustment Speed

作　　者：况学文[1] 陈志锋[1] 金硕[1] 

机构地区：[1]南昌大学经济管理学院

出　　处：《南开经济研究》2017年第2期133-152,共20页Nankai Economic Studies

基　　金：国家自然科学基金项目"制度安排与公司资本结构的动态调整"(71062003);国家自然科学基金项目"公司债务保守主义之谜"(71462025);江西省社科规划基金项目"企业慈善捐赠愿意;动机及其经济后果研究"(13GL10)的资助

摘　　要：相关研究表明,政治关联作为一种非正式制度,能够降低企业尤其民营企业的融资摩擦,增强民营企业的外部融资能力。本文利用我国民营上市公司的政治关联数据和财务数据,实证考察了民营企业高管政治关联对资本结构调整速度的影响。实证研究结果表明,无论采用两阶段还是一阶段动态部分调整模型,政治关联样本公司的资本结构调整速度均显著高于无政治关联样本公司的资本结构调整速度。在进一步控制"机械性均值回归"后,上述结果依然存在。这些结果表明,民营企业的政治关联作为一种非正式制度,确实能够降低民营企业资本结构调整成本,提高其资本结构调整速度。本文从一个全新的视角为政治关联的价值效应提供了一种新的经验证据。Recent research indicates that as an informal institution, political connections can help firms, especially private firms reduce financing frictions and enhance their ability of exter- nal financing. This paper investigates the impact of political connections on the capital structure adjustment speed using the data from private firms in China. The results show that the capital structure adjustment speed of politically connected private firms is significantly greater than that of politically unconnected private firms when we employ both a two-stage and an integrated dy- namic partial adjustment capital structure model. Additionally, in our robust test that allows for mechanical and passive adjustment, the results are unchanged. These results indicate that politi- cal connections of private firms can help them reduce the transaction costs of external financing and fasten the capital structure adjustment speed. This paper provides new evidence on the value of political connections from the perspective of dynamic adjustment of capital structure.

关 键 词：政治关联 民营企业 资本结构 动态调整 

分 类 号：D0[政治法律—政治学] F271[经济管理—企业管理]