政商“亲清”关系对民营企业融资的影响

The Effect of the New Type of Government-business Relationship on Financing of Private Enterprises in China

本文利用2018年度全国营商环境评价企业问卷中收集的民营企业数据和中国人民大学国家发展与战略研究院所发布的《中国城市政商关系排行榜(2017)》,考察了政商“亲清”关系对民营企业融资的影响。研究发现,亲近的政商关系有利于民营企业获得所需资金,特别有助于企业从资本市场和风险投资机构获得融资;较高的政商关系清白程度总体上不利于民营企业获得所需资金,较高的政府廉洁度和透明度不利于民营企业从银行和政府支持基金渠道获得融资。此外,本文分样本对不同规模、营业状态、区域、行业的民营企业进行了异质性研究,发现当民企规模较小、盈利能力较差时,政商关系对其影响作用较强;中部地区民营企业融资对政商关系相对不敏感;新兴行业企业从各融资渠道获得所需资金受政商关系影响较大。

Based on the private enterprise data collected in the 2018 National Business Environment Assessment Questionnaire and the Government-Business Relations Ranking List 2017 released by the National Academy of Development and Strategy of Renmin University,this paper investigates the impact of the cordial and clean relationship between government and business on private enterprise financing.The study finds that close government-business relations are beneficial for private enterprises to obtain the necessary funds,especially for companies to obtain financing from capital markets and venture capital institutions;clean government-business relations are generally harmful for private enterprises to obtain the necessary funds,government integrity and transparency are not conducive to private enterprises obtaining financing from banks and government-supported fund.In addition,the paper uses sub-sample to conduct a heterogeneity study on private enterprises of different sizes,revenue status,regions and industries.Results show that:(1)When private enterprises are small in scale and weak in profitability,government and business relations have a strong influence on financing.(2)The private enterprises in the central region are relatively insensitive to government-business relations.(3)Emerging industry companies obtain the funds from various financing channels are strongly affected by the relationship between government and business.