本文選題：政治關(guān)聯(lián) + 信貸融資��； 參考：《山西財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：在我國轉(zhuǎn)型背景和關(guān)系主導(dǎo)型的社會(huì)結(jié)構(gòu)下，民營企業(yè)的政治關(guān)聯(lián)廣泛存在，并對民營企業(yè)經(jīng)營活動(dòng)、財(cái)務(wù)狀況、企業(yè)價(jià)值等諸多方面產(chǎn)生了深刻的影響。眾多研究表明，政治關(guān)聯(lián)可以使民營企業(yè)獲得各種資源，尤其是稀缺和壟斷的資源，比如政府訂單、稅收優(yōu)惠和行業(yè)準(zhǔn)入許可等。相對于國有企業(yè)，民營企業(yè)受到的融資約束比較大，，政治關(guān)聯(lián)的存在是否同樣有助于緩解融資約束尤其是信貸融資約束？政治關(guān)聯(lián)對民營企業(yè)信貸融資有何影響？這些問題的研究有助于深入理解我國轉(zhuǎn)型實(shí)踐中民營企業(yè)的融資行為以及融資結(jié)構(gòu)的形成。 本文在對國內(nèi)外政治關(guān)聯(lián)、信貸融資的理論文獻(xiàn)進(jìn)行系統(tǒng)梳理的基礎(chǔ)上，采用理論分析與實(shí)證檢驗(yàn)相結(jié)合的方法，從貸款規(guī)模、貸款期限、信貸成本三個(gè)方面研究政治關(guān)聯(lián)對民營企業(yè)信貸融資的影響。其中理論分析包括對我國民營企業(yè)政治關(guān)聯(lián)產(chǎn)生背景和方式的分析、政治關(guān)聯(lián)對我國民營企業(yè)信貸融資影響的理論闡釋。在此基礎(chǔ)上，實(shí)證分析則是選取在上海交易所上市的民營企業(yè)2010-2012三年間的數(shù)據(jù)為研究樣本，分別對樣本進(jìn)行了描述性統(tǒng)計(jì)分析、Person相關(guān)性分析與多元統(tǒng)計(jì)回歸分析。研究結(jié)果顯示：（1）相對于無政治關(guān)聯(lián)的公司而言，有政治關(guān)聯(lián)的公司容易獲得更大規(guī)模的信貸資金；（2）建立政治關(guān)聯(lián)除了有利于公司信貸資金規(guī)模的擴(kuò)大，還有利于公司貸款期限的延長；（3）政治關(guān)聯(lián)對我國民營上市公司的信貸融資成本有影響，即存在政治關(guān)聯(lián)的民營上市公司，其信貸融資成本相對比不存在政治關(guān)聯(lián)的公司要低，融資更便利。 本文的主要?jiǎng)?chuàng)新之處在于：（1）系統(tǒng)地研究了政治關(guān)聯(lián)與民營企業(yè)信貸融資間的相互關(guān)系。國內(nèi)外已有研究絕大多數(shù)只證明政治關(guān)聯(lián)在民營企業(yè)中普遍存在且具有融資上的便利性，而對于融資便利性的具體表現(xiàn)不夠全面與系統(tǒng)。本文則從貸款規(guī)模、貸款期限、信貸成本三個(gè)層面全方位、多角度地研究了民營企業(yè)政治關(guān)聯(lián)對信貸融資的影響，是對現(xiàn)有研究的進(jìn)一步豐富和完善。 （2）拓展了民營企業(yè)信貸融資成本的研究視角�，F(xiàn)有文獻(xiàn)專門針對民營企業(yè)信貸融資成本的研究比較少，少數(shù)的一些研究也僅限于分析性描述，很少從政治關(guān)聯(lián)角度研究民營企業(yè)融資成本，本文在研究中，重點(diǎn)考察政治關(guān)聯(lián)對民營企業(yè)信貸融資成本的影響，在一定程度上是對現(xiàn)有研究不足的彌補(bǔ)。
[Abstract]:Under the background of transformation and the relationship oriented social structure, the political connection of private enterprises exists widely, and has a profound impact on the management activities, financial situation, enterprise value and many other aspects of private enterprises. Many studies have shown that political connections can enable private enterprises to obtain a variety of resources, especially scarce and monopolistic resources, such as government orders, tax concessions and industry access permits. Compared with state-owned enterprises, private enterprises are subject to a relatively large financial constraints, the existence of political connections will also help ease the financing constraints, especially credit financing constraints? What influence does political connection have on the credit financing of private enterprises? The research of these problems is helpful to understand the financing behavior and the formation of financing structure of private enterprises in China's transformation practice. On the basis of systematically combing the theoretical literature of domestic and foreign political connections and credit financing, this paper adopts the method of combining theoretical analysis and empirical test, from the loan scale, loan duration, The impact of political connection on private enterprise credit financing is studied in three aspects of credit cost. The theoretical analysis includes the analysis of the background and mode of the political connection of the private enterprises in China, and the theoretical explanation of the influence of the political connection on the credit financing of the private enterprises in China. On this basis, the empirical analysis is based on the data of private enterprises listed on Shanghai Stock Exchange from 2010 to 2012, and carries out descriptive statistical analysis, person correlation analysis and multivariate statistical regression analysis. The results show that: (1) compared with the company without political connection, the politically connected company is easy to obtain the larger credit funds; (2) the establishment of the political connection is not only conducive to the expansion of the scale of the company's credit funds, (3) the political connection has an influence on the credit financing cost of the private listed company, that is, the private listed company with the political connection has lower credit financing cost than the company without the political connection. Financing is more convenient. The main innovations of this paper are as follows: (1) the relationship between political connection and private enterprise credit financing is studied systematically. Most of the previous studies at home and abroad only prove that political connections exist in private enterprises and have the convenience of financing, but the specific performance of financing convenience is not comprehensive and systematic. This paper studies the influence of political connection of private enterprises on credit financing from three aspects: loan scale, loan term and credit cost. It is the further enrichment and perfection of the existing research. (2) expand the research angle of the private enterprise credit financing cost. There are few researches on the credit financing cost of private enterprises, a few researches are limited to analytical description, and few researches on the financing costs of private enterprises from the angle of political relevance. To a certain extent, the influence of political connection on the cost of credit financing of private enterprises is a remedy for the insufficiency of existing research.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F276.5;F275

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