本文關(guān)鍵詞：制度環(huán)境、金融關(guān)聯(lián)與民營(yíng)企業(yè)成長(zhǎng)性　出處：《浙江財(cái)經(jīng)大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

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【摘要】：十八屆三中全會(huì)以來(lái),民營(yíng)經(jīng)濟(jì)發(fā)展取得長(zhǎng)足進(jìn)步。但是由于轉(zhuǎn)型經(jīng)濟(jì)國(guó)家制度環(huán)境的固有缺陷,民營(yíng)企業(yè)在發(fā)展過(guò)程中碰到一系列問(wèn)題,比如“融資難”、“融資貴”、“所有制歧視”,這些問(wèn)題的存在與十八大報(bào)告提倡的“要保證各種所有制經(jīng)濟(jì)依法平等使用生產(chǎn)要素”的目標(biāo)還有一定差距。面對(duì)金融機(jī)構(gòu)“雁過(guò)拔毛”,民企用錢(qián)“既貴又難”的問(wèn)題,資金資源的匱乏讓許多民營(yíng)企業(yè)的成長(zhǎng)也僅是“曇花一現(xiàn)”。因此,為了降低制度環(huán)境缺陷帶來(lái)的風(fēng)險(xiǎn),也為了獲得更多資源,民營(yíng)企業(yè)紛紛轉(zhuǎn)向中國(guó)傳統(tǒng)的“關(guān)系”機(jī)制。其中金融關(guān)聯(lián),即聘請(qǐng)具有金融機(jī)構(gòu)工作背景的人士擔(dān)任企業(yè)高管就是建立在“關(guān)系”基礎(chǔ)上的社會(huì)機(jī)制。金融關(guān)聯(lián)企業(yè)可以利用高管的社會(huì)資本為企業(yè)帶來(lái)諸多好處,比如,加強(qiáng)內(nèi)部監(jiān)督、提高企業(yè)聲譽(yù)、緩解企業(yè)融資約束、為企業(yè)帶來(lái)有效資源,從而對(duì)民營(yíng)企業(yè)長(zhǎng)久發(fā)展產(chǎn)生一定影響。民營(yíng)企業(yè)建立金融關(guān)聯(lián)很大動(dòng)因是從金融機(jī)構(gòu)獲得資金支持以期為企業(yè)長(zhǎng)久發(fā)展提供保障,但是該舉措的效果如何?金融關(guān)聯(lián)是否會(huì)影響企業(yè)成長(zhǎng)性?就現(xiàn)有文獻(xiàn)來(lái)看,國(guó)內(nèi)外學(xué)者對(duì)有關(guān)企業(yè)成長(zhǎng)性的問(wèn)題研究較多,但是鮮有文獻(xiàn)關(guān)注金融關(guān)聯(lián)對(duì)民營(yíng)企業(yè)成長(zhǎng)性的影響,尤其是在特定制度環(huán)境背景下的研究。據(jù)此,本文試圖探討金融關(guān)聯(lián)、制度環(huán)境與民營(yíng)企業(yè)成長(zhǎng)性三者之間的內(nèi)在聯(lián)系,并嘗試提出以下研究問(wèn)題:一是研究金融關(guān)聯(lián)(銀行和非銀行金融關(guān)聯(lián))對(duì)民營(yíng)企業(yè)成長(zhǎng)性的影響;二是探討制度環(huán)境的差異是否會(huì)影響金融關(guān)聯(lián)(銀行和非銀行金融關(guān)聯(lián))與民營(yíng)企業(yè)成長(zhǎng)性的關(guān)系。本文以2009-2014年我國(guó)深滬兩市A股民營(yíng)上市公司為研究樣本,借鑒國(guó)內(nèi)外的研究,基于資源依賴?yán)碚�、社�?huì)資本理論、信息不對(duì)稱理論和制度理論,應(yīng)用規(guī)范和實(shí)證方法探討金融關(guān)聯(lián)對(duì)民營(yíng)企業(yè)成長(zhǎng)性的影響。首先,本文檢驗(yàn)了金融關(guān)聯(lián)與民營(yíng)企業(yè)成長(zhǎng)性的關(guān)系;其次,從銀行金融關(guān)聯(lián)和非銀行金融關(guān)聯(lián)出發(fā),研究?jī)烧邔?duì)民營(yíng)企業(yè)成長(zhǎng)性影響上的差別;最后,區(qū)分在不同的制度環(huán)境(政府干預(yù)程度、法治環(huán)境和金融發(fā)展水平)下,探討金融關(guān)聯(lián)對(duì)民營(yíng)企業(yè)成長(zhǎng)性的影響是否存在顯著差異。研究結(jié)果表明:(1)金融關(guān)聯(lián)可以促進(jìn)民營(yíng)企業(yè)成長(zhǎng)性。(2)相對(duì)于非銀行金融,銀行金融關(guān)聯(lián)對(duì)民營(yíng)企業(yè)成長(zhǎng)性的促進(jìn)作用更強(qiáng)。(3)制度環(huán)境也會(huì)影響金融關(guān)聯(lián)與民營(yíng)企業(yè)成長(zhǎng)性的關(guān)系,具體是隨著金融發(fā)展程度的提高,銀行和非銀行金融關(guān)聯(lián)對(duì)民營(yíng)企業(yè)成長(zhǎng)的促進(jìn)作用均會(huì)減弱;隨著政府干預(yù)的減少,銀行金融關(guān)聯(lián)對(duì)民營(yíng)企業(yè)成長(zhǎng)的促進(jìn)作用會(huì)減弱,但是其對(duì)非銀行金融關(guān)聯(lián)與民營(yíng)企業(yè)成長(zhǎng)性的影響沒(méi)有通過(guò)顯著性檢驗(yàn);法律環(huán)境只對(duì)銀行金融關(guān)聯(lián)具有調(diào)節(jié)作用,對(duì)非銀行金融關(guān)聯(lián)與成長(zhǎng)性的關(guān)系的調(diào)節(jié)作用不顯著。本文的研究拓寬了金融關(guān)聯(lián)經(jīng)濟(jì)后果的文獻(xiàn)范圍,豐富了民營(yíng)企業(yè)成長(zhǎng)性影響因素的研究。同時(shí),本文對(duì)企業(yè)關(guān)系機(jī)制建立提供了一些建議,也對(duì)制度環(huán)境的完善具有一定啟示意義。
[Abstract]:Since the third Plenary Session of the 18th CPC Central Committee, the development of private economy has made great progress. But because of the inherent defects of countries in economic transformation of the institutional environment, private enterprises encounter a series of problems in the process of development, such as financing difficulties, financing expensive, ownership discrimination, the existence of these problems and eighteen report calls "to ensure that there is a certain gap between all sectors of the economy in accordance with the equal use of production factors" target. In the face of financial institutions, private money "plucking" both expensive and difficult problems, lack of capital resources for many growth of private enterprises is the only "flower briefly as the broad-leaved epiphyllum". Therefore, in order to reduce the risks brought by the institutional environment defects and to obtain more resources, private enterprises have turned to the traditional "relationship" mechanism in China. Among them, the Financial Association, that is, to employ people with the background of the work of the financial institutions to serve as the executive is the social mechanism based on the "relationship". Financial related enterprises can bring many benefits to enterprises by using social capital of executives, such as strengthening internal supervision, improving corporate reputation, easing corporate financing constraints, and bringing effective resources to enterprises, thus having a certain impact on the long-term development of private enterprises. Private enterprises to establish large interconnected financial motivation is from financial institutions to obtain financial support for long-term development of enterprises to provide protection, but the move effects? Will influence the growth of financial related enterprises? On the existing literature, scholars at home and abroad on the enterprise growth problem research more, but little literature about Financial Association on the influence of private enterprise growth, especially in the study of specific institutional environment. Accordingly, this paper tries to explore the internal relations between the financial association and the institutional environment and the development of private enterprises of the three, and try to put forward the following research questions: one is to study the Financial Association (banks and non bank financial association) the influence on the growth of private enterprises; the two is to explore the difference of environment will affect the Financial Association (banks and non bank financial association) relationship with the growth of private enterprises. In this paper, 2009-2014 of China's two cities of Shenzhen and Shanghai A shares of private listed companies as research samples, reference research at home and abroad, resource dependence theory, social capital theory, asymmetric information theory and system theory based on the application of normative and empirical methods to study the impact of Financial Association on the growth of private enterprises. First, this paper examines the relationship between growth and Financial Association of private enterprises; secondly, from the perspective of Banking Association and non bank financial research association, the two effects of the difference of the growth of private enterprises; finally, distinguish between different system environment (the extent of government intervention, legal environment and financial development level), to explore the influence of financial related to the growth of the private enterprises whether there are significant differences. The results show that: (1) financial association can promote the growth of private enterprises. (2) relative to non bank finance, banking financial association has a stronger role in promoting the growth of private enterprises. (3) the institutional environment will also influence the growth of the relationship between Financial Association and private enterprises, in particular with a higher level of financial development, to promote the role of banks and non bank financial related to the growth of private enterprises will decrease; with the decrease of government intervention, promote the banking association the growth of private enterprises will be weakened, but the influence on the growth of non bank financial association and private enterprises notsignification; legal environment only has moderating effect on bank finance association, moderating effect on the relationship between non bank financial associated with the growth of no significant. This study broadens the literature scope of the financial associated economic consequences and enriches the research on the factors affecting the growth of private enterprises. At the same time, this paper provides some suggestions for the establishment of enterprise relationship mechanism, and also has some implications for the improvement of the system environment.
【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F276.5;F275

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