CAJ | 학술논문

文章以2007—2012年沪深两市A股民营上市公司为研究对象，考察在政治关系影响下民营企业的预算软约束和过度投资问题。研究发现，有政治关系民营企业存在预算软约束以及由此引发过度投资问题；在考察政治关系强度对预算软约束和过度投资的影响时，研究还发现，不同层级的政治关系对民营企业预算软约束和过度投资的影响程度不同，其中拥有省级政治关系的民营企业预算软约束和过度投资问题更为严重。文章对转变政府职能和完善市场机制具有重要的启示意义。
문장이2007—2012년호심량시A고민영상시공사위연구대상，고찰재정치관계영향하민영기업적예산연약속화과도투자문제。연구발현，유정치관계민영기업존재예산연약속이급유차인발과도투자문제；재고찰정치관계강도대예산연약속화과도투자적영향시，연구환발현，불동층급적정치관계대민영기업예산연약속화과도투자적영향정도불동，기중옹유성급정치관계적민영기업예산연약속화과도투자문제경위엄중。문장대전변정부직능화완선시장궤제구유중요적계시의의。
Selecting the observations of A-share private enterprises listed in Shanghai and Shenzhen Stock Exchanges from 2007 to 2012, this paper investigates the soft budget constraints and over-investment in private enterprises with political connections. The results show that： the issues of soft budget constraint and over-investment do exist in private enterprises with political connections. Investigating the impact of the intensity of political connections on these problems, we find that the impact of different levels of political connections on soft budget constraints and over-investment may differ, in which the soft budget constraints and over-investment in private enterprises with provincial level political connections would be more serious. This paper has some significant implications in improving the market mechanism and the transformation of government functions.