政治关系类型与银行融资便利性——基于国企民营化的动态分析

The Type of Political Connection and the Convenience of Bank Financing: Dynamic Analysis Based on the Privatization of State-owned Enterprises

文章以2004年-2007年间122家国企民营化公司为样本,分析政治关系变化对融资便利性的动态影响。研究表明:国企民营化显著影响政治关系,不同强度、不同背景的政治关系对银行融资便利性的影响不同。文章对政治关系的刻画更详细,对借款融资便利性的考察更全面,为政治关系融资便利性提供了进一步的证据支持。

Using a sample of 122 privated state-owned enterprises from year 2004 to 2007,we analyze the dynamic effects of the changes in political connection on the preferential lending.The results show that the privatization of state-owned enterprises has a significant impact on the political connection,and that different intensity and different backgrounds of political connections have the different effect on the preferential lending.In this paper,we describe the political connection in detail,examine the preferential lending comprehensively,and provide further evidence for the convenience of political connection on bank financing.