政治关联、融资约束与企业生存

Political Affiliation,Financial Constraints and Firm Survival

在中国关系主导型的社会结构背景下,企业的政治关联广泛存在。本文采用1999-2007年中国制造业民营企业数据,通过构建生存分析模型研究政治关联能否通过融资约束的渠道对企业生存率产生影响。研究表明,政治关联能缓解融资约束进而降低企业失败风险,且随着政治关联程度的提高,企业生存率受融资约束的影响减小;政治关联只是在正式制度缺位的情况下的一种次优的选择,建立政治关联不能彻底解决企业的融资困境。正确处理政府与市场的关系,使市场在资源配置中起决定性作用,才是解决问题的根本途径。

Firm political affiliation is widespread in Chinese relationship dominant social structure background. Whether it is possible that building a political affiliation to reduce the risks of firm exiting the markets via ease the firm financial constraints？ We use a panel of Chinese private firms over the period 1999-2007 and adopt a duration model to study the role of political affiliation in finn finance, furthermore, to study whether it effects firm survival. The results reveal that political affiliation can reduce the risks of firm exiting the markets via ease the firm financial constraints, and with the increasing of the levels of political affiliation, the effects of financial constraints become lower; We verifies that political affiliation is only a suboptimal choice in the absence of a formal system, political affiliation cannot completely solve the enterprise financing difficulties. Correctly handle the relationship between government and market, making the market to play a decisive role in the allocation of resources is the fundamental way to solve the problem.