财政分权、政治关联与民营企业融资约束——来自浙江省上市公司的证据

The Relation Between Fiscal Decentralization,Political Connection and Financing Constraints of Private Firms——An Empirical Evidence Based on Zhejiang Listed Companies

基于现金—现金流敏感度模型,利用2009—2013年浙江沪深两市上市企业面板数据,研究了政治关联对民营企业融资约束的缓解机制以及这种机制是否会因制度环境变化而有所差异。结果发现,民营企业比国有企业面临更为严重的融资约束,而作为替代机制的政治关联能够有效缓解民营企业融资约束,同时财政分权度的提高也能够显著强化政治关联对民营企业融资约束的缓解作用。

Based on the cash-cash flow sensitivity model,this paper employs the panel data of the Zhejiang companies listed in Shanghai and Shenzhen stock markets to investigate how political connection alleviates the private firms＇ financing constraints,and make clear whether the alleviating effects varies in accordance with institutional environment. The results show that private financing constraints than state-owned enterprises. Political significantly positive role in alleviating financing constraints. launching fiscal decentralization. firms tend to be confronted with more severe connection, as an alternative means,plays a The relief could also be greatly enhanced by