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论文编号：	4225
作者编号：	2120102293
上传时间：	2012/6/5 21:36:47
中文题目：	市场进入、政治联系与民营企业融资约束
英文题目：	Market Entry, Political Relationship and Financing Constrain of Private Enterprises
指导老师：	李莉教授
中文关键字：	政治联系，融资约束，市场进入，民营企业
英文关键字：	Financing constrain, National-encouraged industry, Political relationship, Private enterprises
中文摘要：	民营企业对我国市场经济发展进程发挥着关键的推动作用，在解决社会就业、支撑经济框架方面具有不可或缺的作用。由于民营企业的战略作用，我国政府出台了一系列的政策鼓励其壮大，但是民营企业的发展仍然面临诸多阻碍，其中融资问题一直是民营企业管理层所致力解决的重要实务难题，同时也是理论界长期以来集中探讨的热点领域。目前学术界关于如何缓解民营企业融资难问题的研究已经相当详尽，学者从不同角度提出了自己的建议，其中自从政治联系这一视角被提出以来，政治联系对企业融资、企业价值、企业业绩等方面的影响迅速成为研究热点。但是目前从国内已有的学术资料来看，学者对于政治联系是否会对民营企业的融资约束产生缓解作用的研究在不断地完善和深入，但是很少有学者从市场进入即进入国家（政府）鼓励性行业这个角度来探讨民营企业的融资问题，亦没有文献注意到政治联系和市场进入在缓解民营企业融资约束方面的交互作用，即二者彼此影响对方缓解民企融资约束的效力，这正是本文的研究出发点。本文首先对国内外学者对市场进入、政治联系、融资约束的研究进行梳理，结合我国民营企业融资问题的现实状况以及我国的政银关系状况，实证检验市场进入、政治联系是否会对民营企业融资约束程度产生影响，并进一步研究二者在影响融资约束方面的互动作用，最终对民营企业如何缓解融资约束提出一些建议。通过对数据的检验，本文得出最终的实证结果，即进入政府鼓励性行业或者建立政治联系均能对民营企业面临的融资约束达到缓解效果，而且政治联系对融资约束水平的缓解作用在非政府鼓励性行业更加突出，同样，相对于已经有政治联系的民营企业，市场进入即进入鼓励性行业对没有建立政治联系的民营企业的融资约束具有更加明显的缓解作用，并且本文的数据显示政治联系比市场进入对民营企业融资约束更具缓解效力。本文提出建议，从降低融资约束水平这个角度出发，民营企业高管在建立政治联系时需要把市场进入因素考虑在内，类似地，对于是否要进入国家鼓励性产业也要考虑政治联系因素。
英文摘要：	Private enterprises play a key role in solving social employment and supporting economic framework on China's market economic development process. Because the private enterprise's strategic role, our government has issued a series of policies to encourage its growth, but the development of private enterprises still face many obstacles, and financing problem has been the private enterprise management to solve important practical problem. At present academia has quite detailed researched about how to ease the private enterprise financing problem, scholars from different angle to put forward own proposal. Since the political relationship of this perspective has been proposed, the impact of political relationship on the corporate financing, corporate value, corporate performance and other aspects rapidly become the research hot spot. But at present from the domestic existing academic data, scholars produce remission of continuously and deeply on how political relationship influences private enterprise's financing constraints, but few scholars discuss the financing problem of private enterprises from the view of market-entry, that is entering the state ( government ) encouraged industry. Moreover they also not have the attention that political relationship and market-entry (entering the encouraged industries) interact each other in remission of private enterprise financing constraints, which is the starting point of this thesis. Based on the research of the domestic and foreign scholars on the market entry, political affiliation and financing constraints, and based on the reality situation of our country private enterprise financing question and country's politics silver relationship status, the article empirically tests whether the market-entry and political relationship will influence private enterprise financing constraints, and further study the interaction between the two factors in the impact of financing constraints, ultimately the thesis will put forward some views to the private enterprises on how to alleviate financing constraint. Based on the test data, this paper obtains the final result, that is, entering into the government-encouraged industry or the establishing political relationship are to achieve remission of the financing constraints which private enterprises are facing, and political relationship’ relief to financial constraint is more outstanding in non-government encouragement industry, similarly, compared to the private enterprise having political relationship, market-entry to encouraged industry has more significant role in mitigation of financing constraint of the private enterprises that did not build political relationship Therefore, this paper puts forward suggestion from the view of reducing financial constraint, that private enterprise executives need take the market-entry into consideration in the establishment of political relationship, similarly, whether to enter the country-encouraged industry should consider political relationship factor.
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