| 融资约束与政治关系——来自深市中小板的证据 |
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| 引用本文： | 唐建新,苏磊,潘红波. 融资约束与政治关系——来自深市中小板的证据[J]. 财会通讯, 2010, 0(3) |
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| 作者姓名： | 唐建新 苏磊 潘红波 |
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| 作者单位： | 武汉大学经济与管理学院; |
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| 摘 要： | 本文以2005年至2007年深市中小板上市公司的数据为样本,在控制了相关财务状况、治理结构、行业等因素影响的基础上,对企业投资支出、融资约束和政治关系之间的关系进行实证检验。结果发现:民营中小企业投资支出与内部经营活动现金流显著正相关,原因是民营中小企业面临较强的外部融资约束;无政治关系的民营中小企业与具有政治关系的民营中小企业相比,表现出更强的融资约束,说明政治关系能够缓解中小企业的融资困境,在企业的融资过程中作为一种非正规的替代机制,降低了中小企业的外部融资压力。
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| 关 键 词： | 融资约束 政治关系 投资现金流 民营中小企业 |
The Relationship between Financial Constraints and Political Connections of Listed Small and Medium Sized Enterprises in China |
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| Tang Jianxin Su Lei Pan Hongbo. The Relationship between Financial Constraints and Political Connections of Listed Small and Medium Sized Enterprises in China[J]. Communication of Finance and Accounting, 2010, 0(3) |
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| Authors: | Tang Jianxin Su Lei Pan Hongbo |
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| Affiliation: | School of Economics and Management;Wuhan University;Wuhan;Hubei 430072 |
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| Abstract: | This paper studies the relationship among investment, financial constraint and political connections with the data of listed small and medium sized enterprises from 2005- 2007 controlling relevant elements like finance, governance structure and industry. The results show there is evidently positive correlation between investment and internal operate cash flow of private SMEs because of serious external financial constraints. Compared with the firms with political connections, the firms without political con... |
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| Keywords: | Financial Constraints Political Connections Investment Cash Flow Private SMEs |
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