银企关系、政治联系与民营企业对外直接投资——基于我国民营上市企业的经验研究

Bank-Enterprise Relationships, Political Connections and Private enterprises' OFDI An Empirical Study on Private Listed Enterprises in China

本文分析银企关系、政治联系是否有利于民营企业进行对外直接投资。以我国2006—2015年在沪深交易所上市的民营企业为样本,以这些企业的高管是否曾经或现在在金融机构任职来判断企业是否具有银企关系,以企业的董事长或者总经理是否是前任或现任的政府官员、人大代表或政协委员来判断企业是否具有政治联系。研究发现银企关系、政治联系均显著地正向影响了其对外直接投资;企业的融资约束越高,政治联系的投资效应越明显,而在低市场化地区,政治联系的这种投资效应也更显著。本文的结论对于理解银企关系、政治联系对企业对外直接投资的影响具有一定的参考价值。

This paper analyzes whether the bank-enterprise relationships and the political connections are conducive to the private enterprises＇ s OFDI. Taking the private enterprises listed during 2006 to 2015 in Shanghai or Shenzhen Stock Exchange as our samples, we determine whether the enterprise has a bank-enterprise relationship according to whether the executives of these enterprises are former or incumbent in the financial institutions; determine whether this company has a political relationship according to whether the director of board or the CEO of a company is a former or incumbent government official, or a member of the People＇s Congress or a member of the Chinese People＇s Political Consultative Conference. The results show that both the bank-enterprise relationships and the political connection have significant positive impact on the private enterprises＇ OFDI. The higher the financing constraints of the enterprise is, the more significant of this investment effect, and in low-market areas, the effect is also more significant. The conclusion of this paper has certain reference value for understanding the influence of bank-enterprise relationship, political connection on private enterprises＇ s OFDI.