CAJ | 학술논문

本文结合中国制度背景,理论推演政府关系对上市公司债务政策的影响。在控制相关变量下,采用2008年12月31日以前在沪、深上市的只发行A股的1274家非金融公司的截面数据,实证检验政府关系如何影响公司债务政策（包括债务融资规模和债务融资期限两个维度）。研究发现,政府关系确实影响公司债务政策,具体而言：（1）与不具有政府关系的公司相比,具有政府关系的公司更容易获得银行借款和更长期限的债务资金;（2）政府关系的级别对公司债务政策具有显著的影响,政府关系的级别越高,公司债务融资规模越大,债务融资期限越长。
본문결합중국제도배경,이론추연정부관계대상시공사채무정책적영향。재공제상관변량하,채용2008년12월31일이전재호、심상시적지발행A고적1274가비금융공사적절면수거,실증검험정부관계여하영향공사채무정책（포괄채무융자규모화채무융자기한량개유도）。연구발현,정부관계학실영향공사채무정책,구체이언：（1）여불구유정부관계적공사상비,구유정부관계적공사경용역획득은행차관화경장기한적채무자금;（2）정부관계적급별대공사채무정책구유현저적영향,정부관계적급별월고,공사채무융자규모월대,채무융자기한월장。
Considering institutional background in China,the paper theoretically deduces the influence of government relationships on debt policy of listed companies.Controlling related variables,this paper studies cross-sectional data of 1274 non-financial companies listed in Shenzhen and Shanghai stock exchange before December 31.2008 and applies series of OLS,parametric and non-parametric test to empirically examine how government relationships affect firm＇s debt policy including debt financing scale and debt financing maturity.The empirical evidence provided by the paper shows that government relationships do affect firm＇s debt policy.To be specific,（1） comparing with firms without government relationships,firms with government relationships are easier to obtain larger debt financing scale and longer debt financing maturity;（2） grades of government relationships have significant effects on firm＇s debt policy,the higher the government relationships grade is,the larger the debt financing scale and the longer the debt financing maturity are.