“折价”的关系:政治联系、信用歧视与商业信用  

The Discount Relationship:Political Connection,Credit Discrimination and Trade Credit

作　　者：蔡竞[1] 许楠[1] 冯源 高楠 Cai Jing

机构地区：[1]西南财经大学会计学院,611130 [2]中南财经政法大学文澜学院,430073

出　　处：《会计研究》2024年第12期78-91,共14页Accounting Research

基　　金：教育部人文社会科学研究项目(22XJC790011);中央高校基本科研业务费(JBK2406033)的资助

摘　　要：政治联系一定能带给企业融资优势吗?本文以企业的替代性融资——商业信用为视角,利用2003-2019年中国民营上市公司的数据检验企业政治联系对其获取商业信用能力的影响。研究发现,与非政治关联企业相比,拥有政治联系的企业平均获取的商业信用更少;同时,当企业位于法治体系较差的地区或其供应商议价能力较强时,政治关联企业的信用歧视效应更加明显。进一步分析表明,政治关联企业获得较少的商业信用是由于供应商对合同可执行性的担忧,即供应商担心政企关系会不利于货款的收回。本文的研究丰富了政治关联经济后果与企业非正式融资影响因素的相关文献,揭示了政治关联对企业正式融资和非正式融资的非对称影响,并为全面构建“亲”“清”政商关系、营造市场化法治化营商环境提供经验依据。Does political connection necessarily bring an advantage in financing for enterprises?From the perspective of alternative financing for en⁃terprises-trade credit,this paper uses a dataset of listed non-state-owned enterprises in China from 2003 to 2019 to examine the impact of political con⁃nections on their ability to obtain trade credit.We find that politically connected firms have a greater difficulty in obtaining trade credit than non-connected firms.This credit discrimination against politically connected firms strengthens when firms locate in regions with lower-quality legal systems or suppliers have greater bargaining power.Further analysis suggests that the lower credit reputation of politically connected firms stems from suppliers’concern about contract enforceability,that is,politically connected firms receive regulatory favors from government,which can create obstacles to the collection of trade credit through the legal system.Our study enriches the literature on the economic consequences of political connections and the influencing factors of infor⁃mal financing,revealing the asymmetric impact of political connections on formal and informal financing,and providing empirical basis for comprehensive⁃ly building a cordial and clean relationship between government and enterprise and creating a market-oriented and rule of law business environment.

关 键 词：商业信用 政治关联 有限合同执行 法律体系 

分 类 号：F275[经济管理—企业管理] F276.5[经济管理—国民经济] D64[政治法律—政治学] D630[政治法律—中外政治制度]