货币政策、政治关联与债务结构——来自民营上市公司的经验证据

Monetary Policy,Political Connection and Debt Structure——Empirical Evidence from the Private Listed Companies

本文以2005—2014年沪深两市A股民营上市公司作为研究样本,在实证分析政治关联与债务结构关系的基础上,重点分析和检验了货币政策对二者关系的影响。研究表明,政治关联有助于民营企业以更低价格获得更多的银行信贷,而没有政治关联的民营公司在面临信贷配额约束和资金供给缺口的情况下,则会利用私人关系去获取更多的商业信用作为银行信贷融资方式的替代;并且政治关联对债务结构的影响效应在货币政策紧缩时期更为显著。本文同时探讨了不同类型企业在面临不同宏观经济变化时的应对机制。

Taking the Shanghai and Shenzhen A-share private listed companies from 2005 to 2014 as the research sample, and based on the empirical research between political connection and debt structure, this paper mainly focus- es on the analysis and test on the adjustment effect of monetary policy on the relationship between the two. The results shows that political connection helps private enterprises get more bank credit, and private companies without political connection when facing credit quota restrictionwill use personal relationship to gain more commercial credit instead of bank credit financing to make up for the supply gap of funding. And the effect of political connection on the debt struc- ture is more significant during the period of tight monetary policy .This paper discusses on the coping mechanisms when the different types of enterprises face the different extemal macroeconomic changes.