实际控制人政治身份、制度环境变迁与借款契约——基于民营企业的实证研究

Political Status of the Private Enterprise Actual Controller,the Transition of Institution Environment,and Loan Contract

本文在考虑市场化进程时间变化以及空间区域进程差异的基础上,考察了民营企业实际控制人政治身份与银行贷款契约之间的关系。研究发现:政治关联促进债务契约签订的效应具有明显的时间区间差异。在正式制度安排较为缺失的年份区间,上述效应很明显;在正式制度逐步到位的年份区间,上述效应减弱甚至消失。上述效应具有明显的地域差异,在市场化程度最高的三个省份,政治关联对于债务规模的影响在2003～2010年期间没有表现出来,但在其余省份此种效应是存在的。上述效应体现出明显的时间和空间交叉差异,在市场化程度最高的三个省份,市场化进程较低和正式制度安排欠缺年份段,政治关联对于借款规模具有促进作用;在正式制度安排逐步完善的2009、2010年,此种效应消失;在市场化程度较低的其余省份,上述效应没有明显的时间差异。

Based on the transition and the regional differences of market process, this paper investigates the relationship between political status of the private enterprise actual controller and loan contract. It finds that, the promotion of political connection on loan contract is obvious during the years of formal institutions seriously short, the above effect is significant, but during the years of formal institutions gradually in place, the above effect is weakened or even disappeared. The effect has obvious regional difference, and it also shows a clear time and space cross differences.