政治关联、经营业绩与贷款续新——基于中国上市公司的实证研究

Political connections,corporate performance and loan renewals—The evidences from the privately listed enterprises

银行贷款在我国企业的外部融资中占有非常重要的地位,而"贷款续新"政策决定了企业是否能够继续获得银行贷款以支持企业的正常运营.选用中国2004-2008年A股沪市非金融类民营上市公司的数据,实证分析了政治关联、经营业绩与银行贷款续新的关系.研究发现:企业的政治关联确实为企业融资带来了便利.相对于业绩好的企业而言,业绩差的企业反而获得了更多的贷款续新.还发现企业的政治关联作用能够很好的提高经营业绩,且业绩较好的公司更能发挥出"政治关联"带来的资源优势.

Bank loans in China＇s external financing business plays a very important position, and ＂loan renewals＂ policy determines whether a company can continue to access bank loans to support normal busi- ness operations. By the data of Chinese non-financial listed companies in Stock Exchange Market during 2004-2008, the paper investigates the relationships between political connections, corporate performance and loan renewals. The thesis finds that political connections do have impacts on access to more preferential treats of bank loans. Compared to enterprises with good performance, the poor performance of the enterprise rather get more new loans continued. We also found that political connections could well improve company performance, and it＇s more noticeable the effect of political connections in enterprises with good performance.