民营企业政治关联与融资约束缓解:一项反腐情境下的实证分析

Private Enterprises' Political Connection and Relaxing Financing Constraints:an Empirical Analysis under Situation of Anti-corruption

改革开放至今,民营经济与民营企业已然成为我国社会主义市场经济不可或缺的重要组成部分,也是我国经济实现动能转换、转型升级的关键主体。伴随民营企业的蓬勃发展,越来越多民营企业致力于构建某种形式的政治关联,以求近似于国有的市场地位。从政治关联解决融资问题的角度出发,结合十八大以来的反腐情境探讨反腐背景下政治关联对缓解民营企业融资约束的作用机理。理论和实证研究都表明;"异化"后的民营企业政治关联具有强劲的融资约束缓解作用,而反腐高压态势能有效削弱这一功效,维护民营企业内部群体的市场公平。在持续反腐的基础上,应当鼓励构建"亲""清"政商关系、强化金融市场改革,彻底破解民营企业融资困境问题。

Since the reform and opening up, private economy and private enterprises have become an indispensable part of China's socialist market economy,and are also the key players in China's economic transformation and upgrading.With the development of private enterprises,an interesting phenomenon is that more and more private enterprises are committed to building some form of political connections in order to obtain the market position that State-owned enterprises have.In the view of the function of solving financing problem for political connections,this paper probes into the mechanism that political connections alleviating financing constraints for private enterprises under the background of anti-corruption since the 18th National Congress of the Communist Party of China.Both theoretical and empirical studies show that the dissimilating political connections of private enterprises have a strong function of relaxing financing constraints,while the anticorruption has been effectively weakening this effect and maintaining the market fairness for all the private enterprises.Therefore,on the basis of continuous anti-corruption,it should be encouraged that establishing cordial and clean relations between governments and private enterprises and strengthening financial market reform so as to thoroughly solve the financing difficulty of private enterprises.