我国农业上市公司的政治关联与融资便利性

本文以社会资本理论为切入点，实证分析政治关联对我国农业上市公司获取银行信贷融资及其期限结构的影响。以1996—2010年间在沪深两地上市的农业企业为样本，以董事长是否现在或曾经担任政府官员、人大代表、政协委员来判断政治关联。检验结果发现，农业上市公司的政治关联与银行贷款数量显著正相关；政治关联所带来的融资便利性，更多表现为获取银行的短期贷款。研究表明，政治关联作为一种特殊的社会资本，能够作为非正式制度帮助农业企业获得银行信贷支持。

Political Connections and the Convenience of Financing of Chinese Agriculture Listed Firms

In this paper, we analyze the influence of political connections on the access to bank loans and loan maturity structure from social capital perspective. Our findings suggest that enterprises with political connections will get bank loans much easier than those without relations and that the higher the political con- nections level is, the more bank loans will get. Further, the convenience of financing benefited by corporate governance is more manifested in the access to short -term bank loans.