科技金融发展环境、政治关联与债务融资成本——来自创业板的经验数据

Ecological Environment for Science and Technology and Financial,Political Association and Cost of Debt Financing——Data of List Companies from GEM

本文旨在研究科技金融发展环境和政治关联对科技型企业债务融资成本的影响。以2009年—2013年中国创业板上市科技型企业为样本,实证研究发现:良好的科技金融发展环境有助于科技型企业获得较低成本的债务融资,并弱化由于政治关联而造成的债务融资成本差异。研究结果表明,良好的科技金融发展环境直接推动债务融资的市场化定价,提高信贷资源分配效率。

Using a sample of Chinese GEM-share listed science-and-technology companies from 2009 to 2013, this study empirically tests the impact of the s&t ecological environment and political association on the cost of debt. We find that a favorable s&t financial ecological environment is associated with a lower listed s&t companies' cost of debt, and that a favorable s&t financial ecological environment contributes to shorten the gap caused by political association. Our results indicate that a favorable s&t financial ecological environment help to implement market-set prices on the debt financing, and thus improve the allocation efficiency of credit resources.