慈善捐赠、政治关联与私营企业融资行为  

Charitable Donation, Political Connection and Financing Choices of Chinese Private-owned Enterprises

作　　者：王艺明 刘一鸣[1] Wang Yiming;Liu Yiming

机构地区：[1]厦门大学王亚南经济研究院 [2]厦门大学经济学院财政系

出　　处：《财政研究》2018年第6期54-69,共16页Public Finance Research

基　　金：国家自然科学基金项目"中国式金融资源配置模式下的宏观调控政策体系研究"(批准号:71373217);国家社会科学基金重点项目"稳增长;调结构;转方式的理论和实践研究"(批准号:14AZD018)的支持

摘　　要：私营企业由于所有制歧视面临着严重的"融资难"困境,拓展融资渠道、提升融资能力对于私营企业的创新发展来说至关重要。本文采用2000-2012年私营企业调查数据,检验了私营企业的慈善捐赠行为、企业家的政治身份对其外部融资能力的影响。研究发现,在控制了企业特征、企业家个人特征及地区经济发展状况后,慈善捐赠、政治关联均有助于企业获得更多外部融资支持,大大缓解了私营企业的"融资难"问题;而相对于没有政治关联的企业,有政治关联的私营企业进行慈善捐赠更有助于企业获得外部融资,慈善捐赠行为大大加强了这一政企纽带效应。更重要的是,本文创新地采用了宗教寺庙数量作为慈善捐赠的工具变量,处理了潜在的内生性问题。Due to ownership discrimination, the Chinese private-owned enterprises face serious ＂financing difficulties＂. Expanding financing channels and improving financing capability are crucial for the innovation and development of private-owned enterprises. This paper employs the survey data of Chinese private enterprises during 2000 to 2012 to investigate whether charitable donation and political connection can enhance the external financing capacity. After controlling the characteristics of firms, entrepreneurs and regional economic conditions, the empirical results show that charitable donation and political connection can help obtaining more external financing loans, which greatly ease the ＂financing difficulties＂. The politically connected firms can obtain more external financial resources than the non-politically connected ones if they donate more. More importantly, this paper adopts the city level temple numbers as the instrument variable of charitable donation to deal with the potential endogeneity.

关 键 词：慈善捐赠 政治关联 融资行为 

分 类 号：F276.5[经济管理—企业管理]