银行关联、融资约束与企业现金-现金流敏感

Bank Connection,Financing Constraints and Corporate Cash-Cash Flow Sensitivity

在中国转型经济条件下,越来越多的企业建立了银行关联。研究发现,拥有银行关联的企业现金—现金流敏感性更低,银行关联缓解了企业的融资约束,这种对企业融资约束的缓解作用在民营企业和货币政策紧缩时期更加显著。进一步研究表明,不同类型银行关联对企业现金—现金流敏感度的影响与地区制度环境有关,银行人事关联这种非正式制度在制度环境差的地区效果更好,而较好的地区制度环境则更有助于银行股权关联这种基于正式制度的银行关联关系效用的发挥。

Under the condition of China＇ s transition economy, lots of corporates prefer to establish bank connection. We find that bank connection can ease the financing constraints. Compared with corporates without bank connection, corporates with bank connec- tion have a lower cash-cash flow sensitivity, and this effect is more significant in the private corporates and during the period of mon- etary policy tightening. Further studies show that, in different institutional environment, the effect of bank personnel connection on cash-cash flow sensitivity is different from that of bank equity connection. As an informal system, bank personnel connection can re- lieve corporate＇s cash-cash flow sensitivity in poor institutional environment, but bank equity connection is more conducive in good institutional environment as a formal system.