银行关系、政治联系与民营企业贷款——来自中国民营上市公司的经验证据

本文以1990-2008年间非金融类民营上市公司为样本,检验银行关系和政治联系是否影响银行贷款。研究结果发现,那些聘请了现在或曾经在银行工作的人士担任总经理或董事的企业能够获得更多的银行贷款。但是,在没有银行关系的民营企业中,政治联系并不能促进企业获得更多的银行贷款。同时建立政治联系和银行关系的企业也没有能够比只建立其中一种关系的企业获得更多的银行贷款。这些结论表明,在中国基于非正式的关系确实可以给受到融资约束的民营企业带来银行贷款方面的融资便利。其中,银行关系相对于政治联系是一种更为普遍和有效的非正式关系。

Bank Relationship,Political Affiliation and Private Enterprises' Access to Bank Loans:Empirical Evidence from China's Listed Companies

This paper,employing non-financial companies from 1990 to 2009 in China as the sample,analyzes whether bank relationship and political affiliation are conducive to China's private enterprises access to bank loans.We find that those firms appointing incumbent or former employees of banks as CEO or directors have more bank loans than their counterparts.However,in those firms which have no bank relationship,political affiliation does not have significant influence on firms' access to bank loans.Firms establish...