本文選題：銀行關(guān)聯(lián) + 融資約束��； 參考：《當(dāng)代財(cái)經(jīng)》2017年05期

【摘要】：銀行關(guān)聯(lián)直覺上是降低企業(yè)融資約束的有效手段,但考慮到其與政治關(guān)聯(lián)因素在企業(yè)融資約束影響中存在較大的互相干擾,且銀行關(guān)聯(lián)與融資約束間存在著顯著的內(nèi)生性,基于新興國家背景的理論與經(jīng)驗(yàn)研究仍然缺乏。利用一個考慮了銀行關(guān)聯(lián)與政治關(guān)聯(lián)的獨(dú)特研究設(shè)計(jì),證明了在中國銀行關(guān)聯(lián)對企業(yè)融資約束的緩解作用受到政治關(guān)聯(lián)的嚴(yán)格約束。在有政治關(guān)聯(lián)的公司,銀行關(guān)聯(lián)能起到錦上添花的作用,能進(jìn)一步緩解企業(yè)融資約束;而在沒有政治關(guān)聯(lián)的公司,銀行關(guān)聯(lián)并不能發(fā)揮緩解融資約束的作用。因此,政治關(guān)聯(lián)是銀行關(guān)聯(lián)發(fā)揮作用的前提條件。民營企業(yè)中銀行關(guān)聯(lián)對融資約束的緩解作用不明顯,而國有企業(yè)則作用顯著。由此可知:在中國銀行關(guān)聯(lián)通過間接機(jī)制而非直接機(jī)制對企業(yè)緩解融資約束發(fā)揮作用。
[Abstract]:Bank relevance intuition is an effective means to reduce corporate financing constraints, but considering that there is a greater mutual interference between them and political correlation factors in the influence of corporate financing constraints, and there is a significant endogenous relationship between bank association and financing constraints. Theoretical and empirical studies based on the background of emerging countries are still lacking. By using a unique research design which considers the relationship between banks and politics, it is proved that the mitigation of corporate financing constraints by bank association in China is strictly constrained by political association. In politically connected companies, banking linkages can add to the cake and further ease corporate financing constraints, while in companies without political connections, banking linkages do not play a role in easing financing constraints. Therefore, the political connection is the precondition for the bank association to play a role. In private enterprises, the role of bank association to alleviate financing constraints is not obvious, while the role of state-owned enterprises is significant. It can be seen that the bank association in China plays an important role in easing financing constraints through indirect mechanism rather than direct mechanism.
【作者單位】： 華南理工大學(xué)經(jīng)濟(jì)與貿(mào)易學(xué)院;
【分類號】：F832.4

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