政治关联与民营企业产能过剩:信贷资源获取能力的中介作用

Political Connection and Overcapacity of Private Enterprise:the Mediating Effect of Acquiring Credit Resources

以2008—2015年沪深A股民营上市公司数据为样本,利用数据包络分析计算出企业的产能利用率来衡量产能过剩程度,研究民营企业政治关联是否通过信贷资源规模对产能过剩造成影响。结果表明,存在政治关联以及政治关联程度较强的企业,产能过剩更严重;政治关联以及政治关联程度较强的企业,获取的信贷资源越多;在政治关联与产能过剩的关系中,信贷资源规模具有中介效应。同时,制度环境的改善弱化了政治关联的信贷资源配置功能以及信贷资源规模对产能过剩的影响,从而降低政治关联对产能过剩的影响。

Using as samples the data of A-share private listed enterprises in Shanghai and Shenzhen Stock Exchanges in China from 2008 to 2015, this paper calculates the capacity utilization of enterprises through DEA and measures the extent of overcapacity. The paper empirically examines whether political connection leads to overcapacity of private enterprise through the scale of credit resource. The results show that in enterprises that have strong political connection, more credit resources are obtained and the overcapacity is worse. The scale of credit resources plays a mediating role in the relationship between political connection and overcapacity. Mean- while, the improvement of the institutional environment has weakened the financing function of political connection and the impact of the credit resources scale on overcapacity, which reduces the impact of political connection on overcapacity.