本文關(guān)鍵詞： 政治關(guān)系 IPO 融資成本 融資收益　出處：《江西財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在過去的二十多年里,我國資本市場在相關(guān)制度并不完善的條件下迎來了飛速的發(fā)展,截止2012年末已有2494家企業(yè)實現(xiàn)了IPO融資,但不同企業(yè)之間的IPO融資收益和融資成本卻存在明顯的差異,其中政治關(guān)系作為一種非正式制度,對IPO融資起著舉足輕重的影響。由于國內(nèi)資本市場發(fā)展并不完善,企業(yè)的經(jīng)營行為經(jīng)常受到相關(guān)市場環(huán)境的制約,而企業(yè)就試圖通過建立政治關(guān)系來讓自己在競爭中處于有利地位。 在本質(zhì)上,企業(yè)建立政治關(guān)系的動機與其它經(jīng)營行為并無顯著的差異,都是為了實現(xiàn)企業(yè)效益的最大化。無論是社會資本理論還是資源依賴?yán)碚摱紡娬{(diào)政治關(guān)系作為一種高級的社會資源,其不僅能幫助企業(yè)獲取到更多的資源,還能優(yōu)化企業(yè)的資源配置。在我國,政府對經(jīng)濟的干預(yù)和對稀缺資源的控制仍較為明顯,政府行為對企業(yè)的影響不容忽視,而企業(yè)為了減少政府干預(yù)對企業(yè)經(jīng)營帶來的負(fù)面影響,就會主動加大在建立或保持政治關(guān)系方面的投入,以期獲得從法律和正式制度中無法得到的支持和保護。具體而言,企業(yè)追逐政治關(guān)系的動機體現(xiàn)為降低企業(yè)的經(jīng)營成本和獲得更廣泛的政府支持。 政治關(guān)系作為一種合法的政治資源,其對企業(yè)的影響途徑主要包括三點：其一是提升企業(yè)信用水平；其二是干預(yù)銀行信貸行為；其三是獲得更多的政府支持。地方政府為了推動地方經(jīng)濟的發(fā)展,往往會給予當(dāng)?shù)氐膬?yōu)質(zhì)企業(yè)較為豐厚的優(yōu)惠政策,而其中企業(yè)的政治關(guān)系將起到直接的促進作用。由于企業(yè)實現(xiàn)IPO是地方政府和企業(yè)共同的愿景,企業(yè)就會依托在自身的政治關(guān)系,借助政府行為來直接或間接地改變企業(yè)的經(jīng)營狀況,其既體現(xiàn)在企業(yè)的經(jīng)營業(yè)績上,還表現(xiàn)在企業(yè)的成長空間上。在企業(yè)政治資源的全方位“呵護”下,企業(yè)的經(jīng)營狀況往往能在短期內(nèi)實現(xiàn)明顯的改善,這就為企業(yè)的IPO之路打下了堅實的基礎(chǔ)。 隨著市場經(jīng)濟改革的不斷推進,企業(yè)在發(fā)展中存在巨大的融資需求,而IPO作為融資的重要渠道,也逐漸成為眾多企業(yè)的戰(zhàn)略選擇。由于國內(nèi)IPO實行審批制,企業(yè)在IPO過程中除了受到正規(guī)機制的影響之外,還將受到一些非正規(guī)機制的影響,其中企業(yè)政治關(guān)系就是其一。鑒于此,本文以IPO融資收益和融資成本為研究對象,共選取了實際發(fā)行后全面攤薄市盈率、融資規(guī)模占比、顯性費用和隱性費用四個指標(biāo)來測度IPO融資,并選取有政治關(guān)系的董事比例、高政治關(guān)系董事比例和企業(yè)政治關(guān)系強弱指數(shù)三個指標(biāo)來度量政治關(guān)系。在對政治關(guān)系和IPO融資分別進行刻畫和度量的基礎(chǔ)上,利用描述性統(tǒng)計分析、Pearson相關(guān)性分析和線性回歸分析三種方法,對總體樣本、國有控股差異下及經(jīng)濟水平差異下的分組樣本分別進行實證分析。 本文實證研究發(fā)現(xiàn)：(1)在同等條件下,企業(yè)的政治關(guān)系越強,企業(yè)的IPO融資收益越大,且政治關(guān)系對企業(yè)IPO融資規(guī)模的影響小于IPO融資價格；(2)在同等條件下,企業(yè)的政治關(guān)系越強,企業(yè)的IPO融資成本越小,且政治關(guān)系對企業(yè)IPO融資顯性成本的影響大于隱性成本；(3)在同等條件下,政治關(guān)系對非國有控股企業(yè)IPO融資收益和融資成本的影響均大于國有控股企業(yè)；(4)在同等條件下,政治關(guān)系對經(jīng)濟水平欠發(fā)達(dá)地區(qū)企業(yè)IPO融資收益和融資成本的影響大于經(jīng)濟水平發(fā)達(dá)地區(qū)的企業(yè)�？傮w上看,政治關(guān)系能為企業(yè)帶來IPO融資便利,其既體現(xiàn)在IPO融資收益上,且對融資價格的影響大于融資規(guī)模,同時也體現(xiàn)在IPO融資成本上,且對顯性成本的影響大于隱性成本。 結(jié)合研究結(jié)論,本文從監(jiān)管者、企業(yè)經(jīng)營者和投資者三個角度提出相應(yīng)的改進建議,其中監(jiān)管者應(yīng)逐步完善IPO的審批制度和定價制度,減少政府干預(yù),充分發(fā)揮市場機制,同時應(yīng)從限制再就業(yè)范圍、限制就業(yè)活動、就業(yè)登記公示等方面制定相應(yīng)的規(guī)范和制度,避免腐敗行為的出現(xiàn)。對于企業(yè)經(jīng)營者則不可只求政治關(guān)系,既要考慮其所形成的收益,也需考慮所付出的成本,同時應(yīng)注重政治資源與企業(yè)自身發(fā)展方向的匹配和挖掘。對于投資者而言,在選取投資企業(yè)時需更關(guān)注企業(yè)的高政治關(guān)系,并分析企業(yè)的政治關(guān)系資源是否與企業(yè)的發(fā)展戰(zhàn)略相匹配,觀察企業(yè)是否利用自身的政治資源促進了企業(yè)經(jīng)營業(yè)績的提升。
[Abstract]:In the past more than 20 years, China's capital market is not perfect in the system under the condition of usher in rapid development, by the end of 2012 2494 enterprises have implemented the IPO IPO financing, but financing income and financing costs between different enterprises have obvious differences in their political relationship as an informal institution, play a decisive impact on IPO financing. Because of the domestic capital market development is not perfect, the business operation is often restricted by the environment of the relevant market, and the enterprise will try to establish the political relations to make their own competitive position in fierce market competition.
In essence, different enterprises to establish political relations and other business activities have no significant motivation, is to maximize enterprise efficiency. Whether social capital theory or the resource dependence theory emphasizes the political relationship as an advanced social resources, it can not only help enterprises to gain more resources, but also optimize the enterprise the allocation of resources. In our country, government intervention in the economy and its control of the scarce resources are more obvious effect of government behavior on enterprises can not be ignored, and the enterprises in order to reduce the negative impact of government intervention to the business, will take the initiative to increase in building or maintaining the political relationship between the investment, in order to obtain support and the protection cannot get from the law and the formal system. Specifically, enterprises seeking political relations motivation reflected more widely in order to reduce the operating costs of enterprises and The government supports.
Political relations as a legitimate political resources, its influence on the enterprise approach mainly includes three points: one is to improve the credit level of enterprises; second is the intervention of bank credit behavior; the third is more government support. The local government in order to promote the development of local economy, the quality of local enterprises tend to give more generous concessions the policy, and the corporate political relations will play a direct role in promoting. Due to the implementation of IPO is local government and enterprise common vision, the enterprise will rely on their own political relations with the government to directly or indirectly change the operating conditions of enterprises, which is reflected in the performance of an enterprise, but also the performance of in the enterprise growth space. In the full range of "care" corporate political resource under the operating conditions of enterprises are often able to achieve significant improvement in the short term, this is the enterprise The IPO road of the industry has laid a solid foundation.
Along with the market economy reform, the enterprise has a huge financing needs in the development of IPO, and an important channel for financing, has gradually become the strategic choice of many enterprises. Due to the domestic IPO approval system, enterprises in the process of IPO in addition to the formal mechanism influence, will also be affected by some informal mechanisms among them, the political relations of the enterprises is one of them. In view of this, this paper takes IPO financing income and financing cost as the research object, selects the actual issue after fully diluted earnings, the scale of financing accounted for the dominant costs and implicit costs of the four indicators to measure IPO financing, and selects the political relationship between the proportion of directors, the high political relationship between the directors and corporate political relationship strength index three indicators to measure the political relations. On the political relations and IPO financing respectively based on the measurement and characterization, the use of descriptive statistics Three methods, Pearson correlation analysis and linear regression analysis, were applied to analyze the overall sample size, the state owned holdings and the grouped samples under the difference of economic level.
The empirical study found that: (1) under the same conditions, the political relationship is stronger, the IPO financing income is bigger, and the political relationship influence on the enterprise financing price is less than IPO IPO financing scale; (2) under the same conditions, the political relationship is stronger, the enterprise financing cost is IPO small, and the influence of political relations of enterprises IPO financing cost is greater than the dominant recessive cost; (3) under the same conditions, influence on the non state holding enterprises IPO financing income and financing costs are higher than state-owned enterprises; (4) under the same conditions, political relations under the influence of IPO financing enterprises of developed area revenue and financing costs on the economy is greater than the level of economic level in developed areas of the enterprise. On the whole, the political relations can bring IPO financing convenience for the enterprise, which is reflected in the IPO financing income, and the impact on prices is higher than the scale of financing and financing The model is also reflected in the IPO financing cost, and the influence on the dominant cost is greater than that of the recessive cost.
Based on the conclusion, this article from the regulators, put forward the corresponding improvement suggestions in three aspects of enterprise managers and investors, the regulators should gradually improve the IPO approval system and pricing system, reduce government intervention, give full play to the market mechanism, at the same time from the limited range of re employment, employment restrictions, employment registration and other aspects of the development of norms and systems accordingly, to avoid corruption. For enterprise operators are not just political relations, it is necessary to consider the form of income, also need to consider the cost, matching and mining at the same time should focus on political resources and enterprise development direction. For investors, in the selection of investment enterprises should pay more attention to the high political relations, and analyze whether the enterprise political relations resources to match with the development strategy of enterprises, to observe whether the enterprise use its own resources to promote the political The improvement of the business performance of the enterprise.

【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前6條

1 盧文彬,朱紅軍;IPO公司經(jīng)營業(yè)績變動與股權(quán)結(jié)構(gòu)研究[J];財經(jīng)研究;2001年07期

2 周孝華;趙煒科;劉星;;我國股票發(fā)行審批制與核準(zhǔn)制下IPO定價效率的比較研究[J];管理世界;2006年11期

3 王華;張程睿;;信息不對稱與IPO籌資成本——來自中國一級市場的經(jīng)驗數(shù)據(jù)[J];經(jīng)濟管理;2005年06期

4 肖曙光;蔣順才;;我國A股市場高IPO抑價現(xiàn)象的制度因素分析[J];會計研究;2006年06期

5 沈錫飛;蘇為華;;基于信息不對稱條件下企業(yè)IPO籌資成本評價模型[J];商業(yè)經(jīng)濟與管理;2008年09期

6 汪升濤;李岸;;A股市場IPO高抑價現(xiàn)象──基于行為金融理論的解釋[J];中南財經(jīng)政法大學(xué)研究生學(xué)報;2008年03期

，

本文編號：1450047