本文關鍵詞：慈善捐贈、政治關聯(lián)與債務融資——民營企業(yè)與政府的資源交換行為，，由筆耕文化傳播整理發(fā)布。

慈善捐贈、政治關聯(lián)與債務融資——民營企業(yè)與政府的資源交換行為

Philanthropy, Political Connection and Debt Finance： Reciprocal Behavior of Governments and Private Enterprises

[1] [2] [3]

Li Wei ＇an, Wang Pengcheng, Xu Yekun（ 1.China Academy of Corporate Governance, Business School, Nankai University; 2.Tianjin University of Finance and Economics; 3.Buiness Schoo

[1]南開大學中國公司治理研究院/天津財經(jīng)大學; [2]南開大學中國公司治理研究院/南開大學商學院; [3]遼寧大學商學院

文章摘要：民營企業(yè)的慈善捐贈是為尋求金融資源而與政府互惠的一種戰(zhàn)略行為。本文以2007-2010年1489家民營上市公司為樣本,驗證了民營企業(yè)慈善捐贈對債務融資的影響,并進一步考察了政治關聯(lián)和政府的作用。研究發(fā)現(xiàn),民營企業(yè)慈善捐贈有助于債務融資。這種效應主要發(fā)生在政治關聯(lián)民營企業(yè)中,而且信貸分配市場化程度越高,慈善捐贈對債務融資的影響越小,政治關聯(lián)對兩者關系的影響也越小。進一步研究發(fā)現(xiàn),慈善捐贈對債務融資的影響主要體現(xiàn)在長期借款上,管制行業(yè)政治關聯(lián)民營企業(yè)的慈善捐贈更有助于債務融資。政府通過對信貸分配的干預與民營企業(yè)進行資源交換,是政治關聯(lián)民營企業(yè)慈善捐贈影響債務融資的關鍵。本文的研究立足于經(jīng)濟社會轉型期中國的現(xiàn)實情境,從債務融資角度,證實了民營企業(yè)通過慈善捐贈“購買”金融資源的行為邏輯,這對于理解我國民營企業(yè)慈善捐贈動機和影響有重要的參考價值。

Abstr：In China, private enterprises have always been facing serious financial constraints. A shortage of funds severely hampers their development, and the crises of capital chain rupture endanger the survival of these enterprises. But, at such condition, private enterprises are contributing more and more to philanthropy. The phenomenon that poor private enterprises are so generous is thought-provoking. Even if it looks like the kind of behavior is irrational, there is no reason to think so. Philanthropy is a strategic behavior taken by private enterprises in order to obtain finan- cial resources from governments. This article adopts a sample of 1489 private listed companies from 2007 to 2010 to examine the relationship between private enterprise philanthropy and the debt finance, further investigates the way by which governments ex- change resources with private enterprises. The results suggest that philanthropy can help private enterprises to get the debt finance, and this effect occurs mainly in the political connected private enterprises; the higher degree of credit allocation marketization is, the less philanthropy can affect the debt finance, and the less influence political connection can exert on that relationship. What＇s more, philanthropy contributes to debt financing mainly because it can help obtain more long-term loan, and this effect is more obvious for political connected private enterprises in regulated industries. Gov- ernments exchange resources with private enterprises by interfering credit allocation is the key for political connected private enterprises philanthropy to affect the debt finance. This paper verifies the action logic of private enterprises philanthropy, which is helpful to understand the mo

文章關鍵詞：

Keyword：:Private Enterprises Philanthropy Political Connection Debt Finance Resources Exchange

  本文關鍵詞：慈善捐贈、政治關聯(lián)與債務融資——民營企業(yè)與政府的資源交換行為，由筆耕文化傳播整理發(fā)布。