政治关联与房地产公司融资便利性研究——基于房地产上市公司的经验数据

Political Connection and Real Estate Companies' Financing Convenience——Based on the Real Estate Listed Companies' Empirical Data

在我国目前的体制下,植根于中国传统文化的政治关联,作为一种非正式制度,对企业经营往往有着重大影响。本文以沪深两市的房地产上市公司为研究样本,通过构建多元回归模型来考察政治关联对房地产公司融资的影响。研究发现,相比于没有政治关联的房地产公司,有政治关联的房地产公司能够获得更多银行贷款,融资更加便利。因此,企业制定发展战略、政府制定政策都应该充分考虑政治关联的影响。

Under the current institutional environment in China, the political connection, rooted in Chinese traditional culture as a kind of informal institution, the enterprises tend to have major impacts. Using Chinese listed real estate companies as research samples, the multivariate regression model is constructed to studying the effect of political connection of real estate corporate finance.Studies have found that compared with no political connection of real estate companies, the political connection of real estate companies to get more bank loans and finance more convenient. Therefore, the enterprises in formulating the development strategy and the government in formulating policies should focus on the political connection.