CAJ | 학술논문

本文基于2007－2013年沪深两地证券交易所上市的1514个中国民营公司样本数据，重点考察了地区金融发展差异下政治关联对民营企业融资约束的影响。研究结果表明：政治关联和金融发展对缓解民营企业的融资约束都具有一定作用，但是政治关联的缓解效应在地区之间存在显著差异，在金融发展程度较低的地区该效应较大，而在金融发展程度较高的地区则较小。这意味着在评价政治关联对缓解民营企业融资约束的作用时，应充分考虑地区之间金融发展的差异。由于在金融发展程度较低的地区，政治关联对金融发展具有明显的替代作用，因此应防止企业和政府过多依赖政治关联缓解融资约束而忽视对地区金融市场的培育。
본문기우2007－2013년호심량지증권교역소상시적1514개중국민영공사양본수거，중점고찰료지구금융발전차이하정치관련대민영기업융자약속적영향。연구결과표명：정치관련화금융발전대완해민영기업적융자약속도구유일정작용，단시정치관련적완해효응재지구지간존재현저차이，재금융발전정도교저적지구해효응교대，이재금융발전정도교고적지구칙교소。저의미착재평개정치관련대완해민영기업융자약속적작용시，응충분고필지구지간금융발전적차이。유우재금융발전정도교저적지구，정치관련대금융발전구유명현적체대작용，인차응방지기업화정부과다의뢰정치관련완해융자약속이홀시대지구금융시장적배육。
T his paper based on 1514 China private listed companies sample data in the Shanghai and Shenz‐hen Stock Exchange from 2007 to 2013 focuses on the influence of political association to private enterprise financing constraints of regional financial development differences .T he research results show that :political connections and financial development has certain effect to alleviate the financial constraints of private en‐terprises ,but there is significant difference in the effect between regions .The effect is larger in the degree of financial development in the lower parts ,and it is small in the degree of financial development in the higher area .This means that it should take full account of the differences of financial development between regions in the evaluation of political connections to ease financing constraints the role of private enterpri‐ses .Because of the degree of financial development in the area of low ,political association has obviously substitute for financial development ,therefore ,it should be to prevent the enterprises and governments re‐lying too much on political association to ease financing constraints and ignore the cultivation of regional fi‐nancial market .