摘要
本文分析中小企业的政治行为、银企关系对企业信用评级和贷款可得性的影响。我们使用2008年中小企业融资状况调查的数据，区分了三种不同类型的银企关系，同时区分了三个维度的企业政治行为并且考察了企业领导者个人政治联系的影响。研究结果发现，银行主导型银企关系的强度会显著地正向影响中小企业的信用评级和贷款可得性，而企业与银行私人关系的强度和信用评级负相关。在三个维度的企业政治行为中，只有认知性政治行为会对中小企业信用评级和贷款可得性产生显著的正向影响。此外，在市场化程度不同的地区，企业政治行为和银企关系强度对中小企业信用评级的影响存在差异。
We investigate the effects of bank-firm relationships and corporate political activities on SMEs＇ credit rating and probability of acquiring bank loans. We distinguish three types of bank firm relations and three types of corporate political activities （CPA）. Analyses of the 2008 SME Fi nance Survey show that the strength of bank-initiated relationship is positively correlated with firms＇credit rating; and personal contacts between firms and banks are negatively associated with firms＇credit rating, which is consistent with what we call the ＂dark side＂ of close relationships. Empirical results also show that among the various manipulation activities, only cognitive manipula tion is positively related to credit rating and loan acquisition In addition, we find that institutional contexts moderate the effects of cognitive manipulations： in low-marketization areas, corporate cog nitive manipulation plays a more important role in helping firms get a higher credit rating than it does in high marketization areas.
出处
《金融学季刊》
CSSCI
2016年第1期51-72,共22页
Quarterly Journal of Finance
基金
国家自然科学基金“中小企业债务融资与企业社会资源和地区信任水平关系研究”(项目批准号:71302031)的资助
关键词
中小企业
企业政治行为
银企关系
信用评级
贷款可得性
Small and Medium-sized Enterprises Corporate Political Activity Bank-Firm Relationship Credit Rating Loan Acquisition
