企业家政治关联、所有制与企业债务期限结构——基于转型经济制度背景的实证研究

The Entrepreneur's Political Connections,Ownership and Corporate Debt Maturity Structure:A Study Based on the Economic Institution in Transition

本文结合中国转型经济时期的制度背景,在区分政治关联层级差异的基础上研究了企业家政治关联与企业债务期限结构的关系,并进一步讨论了所有制对两者关系的情境效应。以上市公司为对象的面板数据实证结果表明:企业家政治关联对企业债务期限结构具有显著正向影响,但细分政治关联层级之后发现,企业家地方政治关联对企业债务期限结构的正向影响要显著强于中央政治关联。同时相对于非民营企业,民营企业中企业家政治关联与企业债务期限结构关系更强,并且所有制的情境效应同样存在着层级差异。本文在提供非正式制度影响企业债务期限结构证据的同时,也为我国现阶段经济体制改革提供了参考。

Combining with the institutional background of the economic institution in transition, this papa discusses the relationship between political connection and the corporate debt maturity structure on the base of distinguishing the difference of political levels. Further we discuss the moderating effect of the ownership between the entrepreneur＇s political connections and the corporate debt maturity structure. In the empirical analysis, we use the panel data of listed company to test the hypothesis. We find the entrepreneur＇s political connections will influence the corporate debt maturity structure positive signally. The entrepreneur＇s political connection with local government influences the corporate debt maturity structure is stronger than the entrepreneur＇s political connection with central government. We find that the relationship between the entrepreneur＇s political connections and the corporate debt maturity structure will be stronger in the private enterprise and this difference also exists in the political level. This paper provides the evidence of informal institution influencing the corporate debt maturity structure, and deepens the research of informal institution, which will support the reform of economic system.