国有股权、民营企业家参政与企业融资便利性——来自中国民营控股上市公司的经验证据

State-ownership,Political Participation of Private Entrepreneurs and the Convenience of Enterprise Financing:An Empirical Research on China's Private-controlled Listed Companies

与以往研究不同,本文将民营控股公司中含有国有股权作为一种重要的政治关联渠道,研究了国有股权对民营控股公司获得银行贷款的影响。研究结果显示,含有国有股权的民营控股公司比未含有国有股权的公司能够获得更多的银行贷款及更长的贷款期限,而且国有股权作为政治关联机制与民营企业家参政在影响民营企业获得银行贷款方面存在一定程度的替代效应。

The financing difficulty is one of the most important factors that restrict the development of private sector enterprises. This paper investigates the relationship between state-ownership and financing in private sector enterprise. We found that state-ownership is a very important political connection channel for private-controlled firms and this kind of political connection can relieve the financing constraint. And we also found out that there are some extent substitution effects in obtaining bank loans between state-ownership in private sector enterprise and political participation of private entrepreneurs.