银企和政企关系、市场化程度与融资约束

Bank-Enterprise Relationship,Government-Enterprise Relationship,Market Degree and Financing Constraint

以2009~2014年我国上市企业为样本,实证研究银企和政企关系对不同市场化程度地区企业融资约束的影响。研究表明：我国上市企业存在明显的融资约束,银企和政企关系可以缓解其融资约束,市场化程度较高地区企业的融资约束程度低于市场化程度较低地区的企业,银企和政企关系对市场化程度较高地区和市场化程度较低地区企业的融资约束缓解程度不一致。

According to the samples of domestic listed company from 2009 to 2014, empirically studying the affect of the financing constraint from the bank- relationship ,government- enterprise relationship to enterprises of different marketization degree regions. It shows that ： domestic listed companies show obviously financing constraint. The bank- enterprise relationship and government- enterprise relationship can relieve the financing constraint of domestic listed companies ; The financing constraint of enterprises of higher marketization degree region is lower than enterprises of lower market degree region. The bank - enterprise relation and political relation can relieve the financing constraint on the enterprises of different market degree region, but the degree of relieve is different.