CAJ | 학술논문

结合央行金融政策变化特征与民营上市公司实际控制人政治身份背景,实证分析了银根紧缩季度企业急需资金的银行贷款满足程度及投资效率。研究发现：在银根紧缩季度,企业急需的资金贷款满足程度严重下降,政治关联企业急需资金的贷款满足程度上升,这种现象在政府干预较弱地区表现更为明显;银根紧缩时期通过政治关联获得的银行贷款,其本季度及下季度的投资效率均得到改善,这种现象在政府干预较弱地区体现得也更明显。可见,在政府干预较弱的情况下,银根紧缩时期民营企业政治关联能促进紧缺贷款资金的合理配置。
결합앙행금융정책변화특정여민영상시공사실제공제인정치신빈배경,실증분석료은근긴축계도기업급수자금적은행대관만족정도급투자효솔。연구발현：재은근긴축계도,기업급수적자금대관만족정도엄중하강,정치관련기업급수자금적대관만족정도상승,저충현상재정부간예교약지구표현경위명현;은근긴축시기통과정치관련획득적은행대관,기본계도급하계도적투자효솔균득도개선,저충현상재정부간예교약지구체현득야경명현。가견,재정부간예교약적정황하,은근긴축시기민영기업정치관련능촉진긴결대관자금적합리배치。
Considering the political status of actual controllers,empirical analysis on the relationship of loan and the investment efficiency has been done under the dynamic of central bank financial policies.It is found that： companies hardly borrow money from banks under the monetary restraint,however,companies which have political connection can get needed money much easier,especially in the districts with week political interactions.And those companies usually increase their quarterly investment efficiency after they get the loans.Therefore,it is concluded that political connection can improve the investment efficiency at the places with week political interactions.