民营上市公司的政治关联与融资研究——基于货币政策和媒体监督的视角

利用我国民营上市公司的数据研究发现:具有政治关系的公司更容易获得长期贷款,其债务期限也相对更长;而没有政治关系的公司由于无法获得银行贷款,则会利用私人关系,获得更多的商业信用。这说明民营企业利用各种关系进行债务融资的行为确实比较普遍。进一步的研究发现:在货币政策紧缩期,民营企业利用各种关系进行债务融资的行为更为普遍;随着媒体监督的加强,利用各种关系进行债务融资的行为显著减少。本文的研究发现,我国媒体监督阻碍了关系型契约的实施,在一定程度上抑制腐败。因此,政府应通过媒体之间的竞争,提高和完善媒体的监督职能,鼓励媒体来监督、治理腐败。

Political Relation of Private Listed Companies and Debt Financing: Based on the Monetary Policy and Media Monitoring

By using the data of non state listed companies, our paper find that it is easier for the companies with political ties to get long term loans and have longer term of the loan than the companies with no political ties. It shows it is prevalent for non state listed companies using relation debt financing. Further investigations indicate that this phenomenon is more prevalent during monetary contraction period, and this phenomenon would lag as the enforcement of media monitoring. And finally, through the competition among different media, it stands to reason that to a certain extent, media monitoring can curb corruption in China.