【摘要】 本文以2007~2013年间上市的企业为样本,从公司的产权差异及其所处的信贷周期角度,利用主成分分析法,分析公司的产权差异对债务融资的作用。结果表明,社会资本使上市公司的融资行为支持关系信贷观点,公司所有权的差异显著影响其获得银行贷款的规模。结合型社会资本的融资效应更多地体现在国有公司上,而桥接型和连结型社会资本则对民营公司的作用较大;在面临债务约束时,社会资本较多的公司对信贷政策的冲击反应不敏感,这是因为治理机制的弱化干扰了政策功能的发挥。因此,政府在制定宏观调控决策时,应重点关注政策传导的微观基础。更多还原

【Abstract】 Based on the samples of listed companies during 2007-2013 and from the perspective of difference in company property and credit cycle, this paper uses the principal component to analyze the influence of difference in company property on debt financing. The results of the paper show that, due to social capitals, the financing behaviors of listed companies support the relation-credit theory, and the difference in company ownership impacts the size of bank loans. The combining social capitals have a greater influence on state-owned companies, and the bridging and linking social capitals have a greater influence on private companies; while facing debt problems, the companies that have more social capitals are not sensitive to the shocks of credit policy, and the reason is because the weakening of governance mechanism interferes the policy effect.更多还原