【摘要】 本文以我国2004～2008年800个民营上市公司样本为研究对象,实证研究了金融关联与民营企业融资约束的关系。研究发现,47.8%的民营企业存在金融关联的现象,金融关联能有效缓解民营企业的融资约束。我们还发现,在金融市场化程度低的地区,金融关联对缓解民营企业融资约束的作用更为显著;政治关联程度较低的民营企业中,金融关联缓解融资约束的作用较大;就缓解民营企业融资约束的作用而言,金融关联比政治关联更有效。更多还原

【Abstract】 Using a sample of 800 private listed companies with A-share between 2004 and 2008,this paper empirically analyzes the relationship between financial connection and financing constraint on private firms.It is found that 47.8%of the private enterprises have financial connection which can help them relieve the financing constraints.Followings are some further findings of this empirical study:firstly,financial connection has a greater effect on relieving the financing constraints on private firms in a less developed financial market than that of a comparatively developed financial market.Secondly,financial connection plays a rather important role in relieving the financial restraints in the enterprises with a relatively low-degree political connection,while in the enterprises with high political connection,it is less important.Finally,financial connection is much more effective than that of political connection in helping private enterprises relieve the financial constraints.更多还原