新型政商关系能够缓解企业的融资约束吗

The New Type of Government-Business Relationship and Enterprise Financing Constraints

新型政商关系是推动国家治理体系和治理能力现代化的基础性、关键性环节。我国正在构建以“亲清”为特征的新型政商关系。以2011—2020年沪深A股上市公司为研究样本,考察新型政商关系的构建对企业融资约束的影响。研究发现:新型政商关系的构建程度越高越能够缓解企业的融资约束;在非国有企业中,这种缓解作用更为显著。该研究为我国推进营商环境改革,构建新型政商关系提供了企业微观视角的经验。

The new type of political business relationship is a fundamental and crucial link in promoting the modernization of the national governance system and governance capacity.China is building a new type of political and commercial relationship characterized by“Pro Qing”.Using the A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 as research samples,this study examines the impact of the construction of new political business relationships on corporate financing constraints.Research has found that the higher the degree of building a new type of government business relationship,the more it can alleviate the financing constraints of enterprises;In non-state-owned enterprises,this mitigating effect is more significant.This study provides empirical evidence from the micro perspective of enterprises for China to promote the reform of the business environment and build a new type of political business relationship.