政治关联和融资约束：信息效应与资源效应

Political Connection and Financing Constraints:Information Effect and Resource Effect

本文探讨政治关联缓解民营企业外部融资约束的微观作用机理。经验证据表明,政治关联确实能缓解企业融资约束,其核心机制在于信息效应和资源效应。政治关联能够起到信号发送功能,降低资金供求双方的信息不对称,这就是政治关联的信息效应;同时,政治关联有助于强化民营企业的资源获取能力,切实提高企业的未来总收益,这就是资源效应。经验研究还表明,资源效应占主导地位,政治关联缓解民营企业融资困境的关键在于资源效应。因此本研究的一个直接政策涵义就是,要解决目前民企融资难的问题,当务之急是要构建公平的市场环境,消解政策性歧视,给予所有企业同等的资源获取机会。

This paper investigates how private enterprises＇ political connection relaxes their financing constraints. Empirical evidence suggests that there are two positive effects of political connection： the information effect and the resource effect. Firstly, political connection has the function of signaling which alleviates information asymmetry between funding suppliers and enterprises. Moreover, politically connected enterprises have easier access to resources which ensures the enterprises higher future earnings. Empirical evidence also shows that the resource effect dominates the information effect. A direct policy implication of this study is that, in order to reduce the private enterprises＇ financing difficulty, the authority should build fair market environment, eliminate policy discrimination and give all the enterprises equal access to resources.