政治关联、信贷资源获取与投资效率——基于中国上市公司的实证研究

【作者】 黄新建； 唐良霞；

【机构】 重庆大学经济与工商管理学院；

【摘要】 本文首先分析了政治关联是否有利于信贷资源的取得,然后进一步考察了政治关联对企业投资效率的影响,最后分析了政治关联企业在各投资方向上的不同偏好。研究发现,政治关联企业能够获得较多的信贷资源;不同产权性质的政治关联企业在投资效率方面,呈现出了不同特征,具有政治关联的国有企业表现出更为严重的过度投资,民营企业中,两种类型的政治关联给企业的投资效率造成了非对称的结果,政府官员型政治关联导致了企业低效率的投资,代表委员型政治关联抑制了企业低效率的投资;从不同投资方向上来看,有政治关联的企业获得信贷资源后更偏好在固定资产方面的投资,代表委员类政治关联可以促进企业在R&D方面的投资,而对股权投资和无形资产投产并没有产生实质性的影响。研究结果不仅丰富了政治关联对企业投融资的相关理论研究,并且对企业如何正确认识政治关联对企业发展的作用有一定的启示。更多还原

【Abstract】 First of all,the paper analyzes whether the political connection can help the companies earn the debts from bank.Then the paper studies the interchangeability of the political connection in the investment efficiency of the enterprises.Lastly the paper analyses the impact of political connection on enterprises investment decisions.The results showed that:firstly,the credit resource rate of political connection enterprises is significantly higher than non-political connection enterprises.Secondly,the state-owned enterprises and the private enterprises show different characteristics,the state-owned political connected enterprises show more serious over-investment.In private enterprises the administrative experienced political connection enterprises show low investment efficiency and the representative experienced political connection enterprises don’t show low investment efficiency.Finally,the political connected enterprises prefer investment in fixed assets after gaining more credit resources; the representative experienced political connection enterprises will invest more in R&D investment after gaining more credit resources; while the investment in equity investments and intangible assets are not substantial impacted by the credit resources.The results are not only enrich the literature of political connection and corporate investment,but also has some inspiration for correctly understanding the role of the political connection on the developing of enterprises in China.更多还原