政治资本与民营EPC企业项目融资环境研究

Research on the Political Capital and the Project Financing Environment for the Private-owned EPC Enterprise

利用2009年华东地区115家民营EPC建筑企业的问卷调查数据,考察了民营企业家通过政治参与对企业项目融资环境改善的影响。研究发现,具有政治资本的民营EPC建筑企业可以减少与银行打交道的时间,更容易获得短期项目融资,并建立起长期稳定的银企关系。这种政治关系背后的经济动力有助于消除国有金融体系的"所有制歧视",降低民企获取信贷资源的"门槛",促进民营企业的发展壮大。

In this paper,the the authors use the survey data about the 2009 East 115 private EPC building enterprise,to study of the impact from those entrepreneurs from private EPC building enterprise through the political participation of the environmental improvement for project financing.The results showed that：the private EPC building enterprise with political capital can effectively reduce the time to deal with banks,easily to get the short-term project financing and it will help to establish long-term stable relationship between banks and enterprises.This economic momentum behind the political relations will help make up for state-owned financial system ＂ownership discrimination＂,especially in tightening macro-environment for local project finance,it also can reduce access to credit resources,promote private EPC building enterprise development and growth.