制度环境、政治联系与民营企业债务期限结构

以2007-2009年在沪深上市的民营上市公司为研究样本,对制度环境、政治联系如何影响企业债务期限结构进行分析。研究发现:在法律环境较差、地区金融发展水平落后、政府干预较强的地区,民营企业长期债务的比重越大。在考虑企业家政治背景后发现,政治联系有助于民营企业获得更多的长期债务,特别是在制度环境较差地区,政治联系的这种效应更显著。这表明,政治联系是制度环境不完善条件下的一种替代机制。

Institutional Environments,Political Connections and Private Enterprises Debt Maturity Structure

The paper studies the effects of institutional environments and political connections on corporate debt maturity structure by the data from 2007 to 2009 of the private listed company in Shanghai Stock Exchange and Shenzhen Stock Exchange.The results show that the poorer the legal environment,the more backward the financial development and the more serious the government intervention are,the more long-term debt ratio private listed companies have.Further tests prove political connections can facilitate priva...