摘要
利用中国工业企业数据库中的出口企业数据、通过面板VAR模型的脉冲响应和方差分解考察政治关联对出口企业短期杠杠、长期杠杆和商业融资的长期动态影响。实证结果显示政治关联对企业融资的影响呈现混合效应,可以帮助企业获取长期贷款,但也带来应收账款比率偏高等问题:(1)政治关联对企业融资约束的影响显著存在的,但是绝对影响力相对偏弱。(2)出口企业政治关联对不同融资约束变量的影响是不同的。企业的政治关联层级与企业的短期杠杆显著负相关,企业的政治关联层级与企业的长期杠杆显著正相关,企业的政治关联层级与企业的商业融资约束显著正相关。
The article studies the long -term dynamic impact of political connection on long -term leverage, short -term leverage and commercialfinancing of exporting enterprises through the impulse response and variance decomposition of VAR model by using date from Chinese industrialenterprise database. The empirical results show that political connection has mixed effects on corporate financing , and it could help enterprises toobtain long -term loans, but also brings problems of high rate of accounts receivable. Firstly, Political connection has significant influence oncorporate financing constraints, but the power of influence is relatively weak. Secondly, the influence of political connection varies according tothe different proxy variables of financing constraints. The level of political connection has significantly negative impact on short -term leverage andcommercial financing, but has a significantly positive impact on long-term leverage.
出处
《当代经济管理》
CSSCI
2016年第8期92-97,共6页
Contemporary Economic Management
基金
国家自然科学基金青年项目<企业国际化背景下双重社会嵌入影响企业融资约束的微观机制>(71503207)
关键词
政治关联
融资约束
出口企业
political connection
financial constraints
exporting companies