金融关联能否缓解民营企业的融资约束

Can Financial Connection Relieve the Financing Constraints on Private Enterprises?

本文以我国2004～2008年800个民营上市公司样本为研究对象,实证研究了金融关联与民营企业融资约束的关系。研究发现,47.8%的民营企业存在金融关联的现象,金融关联能有效缓解民营企业的融资约束。我们还发现,在金融市场化程度低的地区,金融关联对缓解民营企业融资约束的作用更为显著;政治关联程度较低的民营企业中,金融关联缓解融资约束的作用较大;就缓解民营企业融资约束的作用而言,金融关联比政治关联更有效。

Using a sample of 800 private listed companies with A-share between 2004 and 2008, this paper em- pirically analyzes the relationship between financial connection and financing constraint on private firms. It is tonnd that 47. 8% of the private enterprises have financial connection which can help them relieve the financing constraints. Followings are some further findings of this empirical study ： firstly, financial connection has a grea- ter et]~ct on relieving the financing constraints on private firms in a less developed financial market than that of a comparatively developed financial market. Secondly, financial connection plays a rather important role in re- lieving the financial restraints in the enterprises with a relatively low-degree political connection, while in the enterprises with high political connection, it is less important. Finally, financial connection is much more effec- tive than that of political connection in helping private enterprises relieve the financial constraints.