摘要
本文以我国2004～2008年800个民营上市公司样本为研究对象,实证研究了金融关联与民营企业融资约束的关系。研究发现,47.8%的民营企业存在金融关联的现象,金融关联能有效缓解民营企业的融资约束。我们还发现,在金融市场化程度低的地区,金融关联对缓解民营企业融资约束的作用更为显著;政治关联程度较低的民营企业中,金融关联缓解融资约束的作用较大;就缓解民营企业融资约束的作用而言,金融关联比政治关联更有效。
Using a sample of 800 private listed companies with A-share between 2004 and 2008, this paper em- pirically analyzes the relationship between financial connection and financing constraint on private firms. It is tonnd that 47. 8% of the private enterprises have financial connection which can help them relieve the financing constraints. Followings are some further findings of this empirical study ： firstly, financial connection has a grea- ter et]~ct on relieving the financing constraints on private firms in a less developed financial market than that of a comparatively developed financial market. Secondly, financial connection plays a rather important role in re- lieving the financial restraints in the enterprises with a relatively low-degree political connection, while in the enterprises with high political connection, it is less important. Finally, financial connection is much more effec- tive than that of political connection in helping private enterprises relieve the financial constraints.
出处
《金融研究》
CSSCI
北大核心
2011年第8期78-92,共15页
Journal of Financial Research
基金
国家自然科学基金(70802011)
福建省社科规划项目(2009B2018)
全国会计学术带头人后备人才培训项目的资助
关键词
金融关联
政治关联
金融发展
financial connection
political connection
financial development
