摘要
以民营企业信贷歧视为背景,选取了2005～2011年大陆A股上市的所有民营企业,从政治关联这一角度入手,对民营企业银行贷款可得性进行了研究。同时,引入了描述市场环境的变量,考察市场环境对于政治关联贷款效应的调节作用。研究发现,拥有政治关联的企业,其贷款可得性更高,而且政治关联的级别越高,这种效应越明显。同时,本文的实证结果表明。市场环境对于政治关联的贷款效应,存在着负向的调节作用。
Based on the background of credit discrimination against the private enterprises, all mainland - listed private en- terprises from 2005 to 2011 are selected as samples. From the point of view of political connections, the loan availability of private enterprises is studied. Also the market factors are introduced to the empirical process. The results show that a signifi- cant contribution to the loan availability of private enterprises is made by political connections and that the higher political connections are, the higher loan availability will be. Moreover, significant negative meditation is given to the positive correla- tion between political connections and loan availability by the market factors.
基金
国家自然科学基金(71172117)资助
关键词
民营企业
政治关联
贷款可得性
市场环境
private enterprises
political connections
loan availability
market environment
