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论文编号：	5257
作者编号：	2120112467
上传时间：	2013/6/5 19:20:28
中文题目：	负债融资对民营企业绩效影响研究——基于政治关联视角
英文题目：	Debt financing for private enterprise performance impact study——Based on the perspective of political connection
指导老师：	李莉
中文关键字：	政治关联，负债融资，企业绩效，民营企业
英文关键字：	Political connection, Debt financing , Enterprise Performance, Private enterprises
中文摘要：	在我国经济建设中，民营企业一直扮演着至关重要的角色，在构建和谐社会、保持社会安定团结、维持我国经济飞速发展等方面也发挥着积极地作用，为此，无论是学术工作者还是实务工作者都对民营企业的绩效问题投入了大量的精力来研究，也是我们长期关注的重要问题之一。影响民营企业绩效的主要因素是企业的融资途径，而企业的融资渠道主要分为股权融资和负债融资，针对这一问题，本文在这里主要研究的是负债融资对民营企业绩效的影响。目前学术界针对政治关联与民营企业绩效和负债融资对企业绩效影响的研究有很多，从国内已有的学术资料来看，学者们在政治关联对民营企业绩效的影响作用上并未达成统一意见，而且在负债融资对企业绩效影响的正负相关性上也未达成统一的结论，影响机理也未分析清楚。通过研究本文发现很少有学者从政治关联的角度来探讨负债融资对民营企业绩效的影响，这也就构成了本文研究的主要核心问题，即政治关联下负债融资对民营企业绩效影响问题。基于此，本文通过国内外文献回顾，对政治关联、负债融资以及民营企业绩效等问题进行了概念的梳理和理论的回顾，并在此基础上进一步梳理了以往国内外学者对政治关联、政治关联与民营企业绩效以及负债融资与民营企业绩效的研究文献，在理论铺垫的基础上提出了本文的三个假设，并提出了政治关联下负债融资对民营企业绩效的影响框架，进而通过回归实证验证政治关联与民营企业绩效存在显著相关性以及负债融资与民营企业绩效存在显著相关性，最后验证在政治关联前提下的负债融资对民营企业绩效影响尤为显著这一论断。纵观全文，本文共得出了三条结论：政治关联能够有效促进民营企业绩效；负债融资与民营企业绩效并非简单线性关系；建立政治关联民营企业的负债融资比没有政治关联民营企业的负债融资更可能提升企业的绩效，或者更可能减小负债融资对绩效的抑制作用。最后根据实证结果对民企的长远发展提出一些建议。
英文摘要：	In China's economic construction, private enterprise has been playing a vital role in building a harmonious society, maintaining social stability and unity, and to maintain the rapid development of China's economy also play a positive role in this, whether it is academic workers or One of the important issues of practitioners on the performance of private enterprises invested a lot of energy to study, is our long-term focus. The main factors affecting the performance of private enterprises is the means of financing, and financing channels for enterprises mainly divided into equity financing and financing liabilities, liabilities financing solve this problem, this paper mainly studied the performance of private enterprises. The current academic study of the impact on business performance for performance and liabilities financing of political association and private enterprises have a lot of information from existing academic point of view, the scholars did not reach consensus on the political effects associated with the performance of private enterprises , and positive and negative correlation of debt financing on firm performance did not reach a unified conclusion, this article found few scholars to explore from the point of view of the political association of debt financing on the performance of private enterprises, which also constitutes a the paper, the main core issues, the political association of debt financing affect the performance of private enterprises. Based on this literature review, a review of the concept of combing and theoretical problems of the political association of debt financing and performance of private enterprises, and on this basis to further sort out the domestic and foreign scholars in the past associated politics, political association with the performance of private enterprises and liabilities, financing and private enterprise performance research literature, the three assumptions made on the basis of theoretical bedding, and political liabilities associated financing for private enterprise performance framework, and then verified by regression analysis are political association with private enterprise performance exist significant correlation and liabilities financing with private enterprise performance exist significant with correlation of liability financing of the last verification under the premise of political association, the performance of private enterprises is particularly significant with this assertion, and thus come to a political association can the effective promotion of private enterprise performance, liabilities financing and private enterprise performance is not a simple linear connection and the establishment of a politically connected private corporate debt financing than the liabilities financing political association of private enterprises are more likely to enhance the performance of the enterprise, or more likely to reduce the debt financing performance inhibition of these three conclusions, and based on the empirical results on the long-term development of private enterprises to make some suggestions.
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