企业集团内部关系治理在信贷融资中的作用——基于上市公司的实证研究

The Role of Relationship Governance within Business Groups in Credit Financing——an Emprical Study of Small and Medium-sized Listed Companies

本文基于资源依赖理论和社会网络理论,指出企业集团本质上是通过正式或非正式的关系联结组合在一起的组织结构,这种正式或非正式的关系体现了成员间资源的依赖。结合资本结构理论,进一步运用关系治理的思想探讨了企业集团功能在信贷融资中的发挥机制,以上市公司为研究对象,对企业集团关联交易的关联关系进行分类,实证发现,当企业处于资源接受方时,保持距离型的关联关系与银行贷款成正相关关系。最后为中小企业缓解融资约束,提出可行性建议。

This paper is based on the resource dependency theory and social network theory,pointing out that business group is,in essence,a combination of the organizations connected by formal or informal relationship,this formal or informal relationship reflects the resource dependence within members of business groups.Then there is a discussing of the function mechanism of business groups in the process of credit financing under the view of relationship governance,combined with capital structure theory.We classify the related relationships of related transactions using secondary data from the listed companies.The result shows that arm-length related relationships are positive with bank loans.At last,some feasible suggestions on how to relieve financing constraints are put out.