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政治关联、金融发展与债务治理——以我国国有控股上市公司为例
引用本文:赵玉珍,张心灵,郭巧莉.政治关联、金融发展与债务治理——以我国国有控股上市公司为例[J].财经理论与实践,2012(1):34-37.
作者姓名:赵玉珍  张心灵  郭巧莉
作者单位:湖南科技大学商学院;内蒙古农业大学经济管理学院;内蒙古财经学院
基金项目:湖南省教育厅一般项目(10CO680);湖南省自然科学基金资助项目(11JJ6071)
摘    要:债务融资要发挥治理功能,需要硬的约束环境。然而,政治关联的存在会破坏这种硬约束环境。但金融发展水平可以降低政治关联的这种不利影响,从而促进债务治理作用的发挥。基于这一推理,以我国沪深两市A股上市公司2006~2010的全面板数据为样本,研究了政治关联、金融发展对债务治理功能的影响程度及方向。研究结果表明:政治关联会削弱长期债务的治理功能,其对短期债务的治理功能没有产生负面影响;金融发展水平的提高一方面可以进一步提升债务的治理功能,另一方面可以减弱政治关联带来的不利影响。

关 键 词:政治关联  金融发展  债务治理

Political Relevance,Financial Development and Debt Governance Take China’s state-controlled listed company as an example
ZHAO Yu-zhen,ZHANG Xin-ling,GUO Qiao-li.Political Relevance,Financial Development and Debt Governance Take China’s state-controlled listed company as an example[J].The Theory and Practice of Finance and Economics,2012(1):34-37.
Authors:ZHAO Yu-zhen  ZHANG Xin-ling  GUO Qiao-li
Institution:1.Business School,Hunan University of Science and Technology,Xiangtan,Hunan 411201,China; 2.School of Economics and Management,Inner Mongolia Agricultural University,Hohhot 010018,China; 3.School of finance and economics,Hohhot 010010,China)
Abstract:The existence of the constraint environment is necessary for the efficient debt governance.However,the existence of political relevance will destroy the constrain environment.The improvement of financial development can reduce the adverse effects of political relevance.So empirical analysis has been done to research the effects from political relevance and financial development on debt governance using the panel data of China’s A share companies from 2006 to 2010.The results show that political relevant could reduce the efficiency of long-term debt governance,while have no effect on the efficiency of short-term debt governance;and the improvement of financial development,on the one hand,can increase the efficiency of debt governance,on the other hand,can weaken the negative influence of political relevance.
Keywords:Political relevance  Financial development  Debt governance
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