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政治背景對民營企業(yè)融資行為的影響研究

發(fā)布時間:2018-02-19 18:56

  本文關鍵詞: 政治背景 貸款效應 資源配置 出處:《南京財經(jīng)大學》2014年碩士論文 論文類型:學位論文


【摘要】:改革開放以來,民營經(jīng)濟得到迅猛發(fā)展,越來越多的民營企業(yè)家被冠上各種榮譽稱號,作為政協(xié)或人大代表等角色活躍在政治領域里。許多民營企業(yè)也通過各種方式積極的與政府之間建立政治關系。我國的經(jīng)濟體制規(guī)定了以國有經(jīng)濟為主要的經(jīng)濟形式,由于在我國,政府把持著資源配置的話語權,這就決定了在資源分配上,國有企業(yè)有著一定的優(yōu)先權。因此,民營企業(yè)試圖通過建立政治背景來改善在社會資源分配時的劣勢地位。但是利益是雙向的,政府在給具有政治背景的民營企業(yè)提供各種便利的時候,也要求這些民營企業(yè)做出一定的“貢獻”。在這種情況下,政治背景同時具有正效應和負效應。關于政治背景與企業(yè)貸款融資方面的研究,以前的學者基本上都認為政治背景給企業(yè)雖然帶來了融資上的便利,但是對公司治理的影響卻是負面的,也就說政治背景主要發(fā)揮了其負效應。本文以全新的視角作為切入點,也就是通過研究政治背景對民營企業(yè)融資行為的影響,進而研究政治背景對企業(yè)經(jīng)營效率的影響,發(fā)現(xiàn)政治背景發(fā)揮的是正效應,可以有效的降低企業(yè)代理成本,提高資產(chǎn)周轉率,從而提高企業(yè)的績效。本文選取2007—2012年作為研究窗口期,以滬深A股市場上的民營企業(yè)上市公司作為研究對象,通過實證研究了政治背景對民營企業(yè)貸款融資的影響,并進一步的研究了,在不同制度環(huán)境下,是否具有政治背景對民營企業(yè)融資行為的影響,結果發(fā)現(xiàn):具有政治背景的企業(yè)比沒有政治背景的企業(yè)更能夠獲得貸款額度,尤其是能夠獲取長期貸款。而制度環(huán)境越差,政治背景對民營企業(yè)獲得融資便利性的影響就越弱。政治背景可以替代正式的市場機制,使民營企業(yè)的貸款發(fā)揮治理效應,進一步的提高銀行資金的配置效率。本文的研究為研究政治背景對公司績效的影響研究提供了一個新的視角。本文的研究改進和創(chuàng)新主要體現(xiàn)在:以前多數(shù)學者都是通過研究政治背景與企業(yè)投資行為之間以及公司治理等方面的關系,而忽略了政治背景對優(yōu)化資源配置效率的影響。本文的研究正好彌補了這方面的缺陷,完善了政治背景對民營企業(yè)行為影響的研究。
[Abstract]:Since the reform and opening up, the private economy has developed rapidly, and more and more private entrepreneurs have been crowned various honorary titles. As a member of the Chinese people's political Consultative Conference or the National people's Congress, many private enterprises also actively establish political relations with the government in various ways. The economic system of our country stipulates that the state economy is the main form of economy. In our country, the government holds the right to say the allocation of resources, which determines that the state-owned enterprises have a certain priority in the allocation of resources. Private enterprises try to improve their inferior position in the distribution of social resources by establishing a political background. But the benefits are two-way, and the government provides all kinds of convenience to private enterprises with political background. In this case, the political background has both positive and negative effects. Previous scholars basically believed that the political background has brought financing convenience to the enterprise, but the influence on corporate governance is negative, that is to say, the political background mainly exerts its negative effect. That is, by studying the influence of political background on the financing behavior of private enterprises, and then studying the influence of political background on enterprise operating efficiency, it is found that the political background exerts a positive effect, which can effectively reduce the agency cost of the enterprise. In order to improve the performance of enterprises, this paper selects 2007-2012 as the window of study, and takes the listed companies of private enterprises in Shanghai and Shenzhen A-share market as the research objects. Through the empirical study of the impact of political background on private enterprise loan financing, and further study, under the different institutional environment, whether there is political background on private enterprise financing behavior, The results show that enterprises with political background can obtain loan quota more than those with no political background, especially long-term loans. The worse the institutional environment is, The influence of political background on the convenience of obtaining financing for private enterprises is weaker. Political background can replace the formal market mechanism and make the loans of private enterprises play a governance role. The research in this paper provides a new perspective for the study of the influence of political background on corporate performance. The research improvement and innovation of this paper are mainly reflected in: most previous scholars. Through the study of the relationship between the political background and corporate investment behavior, as well as corporate governance, The influence of political background on the efficiency of resource allocation is neglected. The research in this paper makes up for the defects in this aspect and improves the research on the influence of political background on the behavior of private enterprises.
【學位授予單位】:南京財經(jīng)大學
【學位級別】:碩士
【學位授予年份】:2014
【分類號】:F276.5;D0;F832.4

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