民营企业政治关联对其债务融资成本的影响研究——基于产业政策视角

Research on the Influence of Political Connection of Private Enterprises on their Debt Financing Cost ——Based on the Perspective of Industrial Policy

政治关联作为对民营企业法律保护的替代机制,是我国现有制度环境下存在的特定现象,随着中国经济的持续转型,民营企业建立政治关联的现象越来越普遍。基于"十二五"规划期间在我国上海证券交易所上市的A股民营上市企业的数据,首先验证了民营企业建立政治关联与债务融资成本之间的关系;其次,对比分析了有无产业政策支持的情况下,民营企业政治关联对其债务融资成本影响的强弱问题。实证结果发现,在转型经济的中国,民营企业建立的政治关联这一隐性担保能够显著降低其债务融资成本,体现出政治关联的资源效应与信息效应。从产业政策视角来看,相比属于产业政策支持的行业企业,民营企业政治关联与债务融资成本的负相关关系在不属于产业政策支持的行业企业中更强。所以,加强国家产业政策对民营企业的保护,适度发挥政治关联的资源效应和信息效应对缓解民营企业的融资约束问题是很重要的。

As an alternative mechanism for legal protection of private enterprises, political association is a specific phenomenon existing in China’s existing institutional environment. With the continuous transformation of China’s economy, it is more and more common for private enterprises to establish political association. Based on the data of private a-share listed companies listed on the Shanghai stock exchange during the 12 th five-year plan period, this paper firstly verifies the relationship between the establishment of political connections by private companies and the cost of debt financing. Secondly, the paper makes a comparative analysis of the influence of political connection on the debt financing cost of private enterprises with or without the support of industrial policy. The empirical results show that in China with a transitional economy, the implicit guarantee of political connection established by private enterprises can significantly reduce their debt financing costs, reflecting the resource effect and information effect of political connection. From the perspective of industrial policy, the negative correlation between political association and debt financing cost of private enterprises is stronger than that of industrial enterprises supported by industrial policy. Therefore, it is very important to strengthen the protection of national industrial policy to private enterprises and give proper play to the resource effect and information effect of political connection to ease the financing constraint of private enterprises.