联系我们

论文查询结果	返回搜索

论文编号：	967
作者编号：	2120072063
上传时间：	2009/5/25 13:24:16
中文题目：	政治联系对中国民营上市公司发展
英文题目：	An Empirical Study of Impacts
指导老师：	马连福
中文关键字：	政治联系；银行贷款；投资效率；
英文关键字：	Political Connections；Bank Lo
中文摘要：	企业融资和投资的成败决定了企业的生存与发展。在实务界和理论界都将企业经营者和政治家之间的联系视为关注焦点的背景下，本研究围绕政治联系是否有利于民营上市公司获得银行贷款，以及政治联系是否会影响企业的贷款投资效率这两个问题展开，以解释在中国经济转型期间，对于本来与政治没有直接关联的民营企业来讲，为什么要参政议政，政治联系能为民营企业的发展带来怎样的利益，以及通过政治联系获得的利益又需要让民营企业付出怎样的代价等问题。理论上和实践上研究民营企业政治联系的问题都具有重大意义。一方面，在La Porta等开创的“法与金融”框架下，考虑了不完美市场中的行政摩擦力对企业的影响；另一方面，民营经济是我国市场经济发展中一个重要的组成部分，其健康发展对我国经济和社会意义重大。 本研究以2007年中国A股市场民营上市公司为样本，剔除了金融行业和标有“ST”和“*ST”的重点监管公司和信息披露不完全的公司后，共获得341个最终样本作为本研究研究对象，其中约有15.5%的样本具有本研究所定义的政治联系，21.7%的样本具有人大或政协类政治联系，36%的样本具有任何一类政治联系。 本研究选取银行贷款资源代表政治联系为企业带来的效益，选择投资效率代表政治联系使得企业付出的代价，从正反两方面研究政治联系对民营上市公司造成的影响。以研究政治联系与银行贷款关系为起点，实证研究的结果表明，具有政治联系的企业相对于非政治联系企业更容易获得贷款，其中在获得长期贷款方面相比有更多优势。为了进一步研究企业在获得信贷后，有没有获得高的投资效率，从而创造企业价值，本研究先初步证明投资支出会随着投资机会的增长而增长，然后加入政治联系影响因素，得出政治联系降低了投资支出增长与投资机会增长之间的敏感度的结论。然后，又从投资效果角度通过研究政治联系影响下长期借款与固定资产增长的关系研究投资效率，但是很遗憾没有得出显著性的结果，可能因为投资转化为固定资产的周期较长，仅滞后一两期并不能完全显出效果。研究结论指出，在中国普遍存在政治联系的特殊国情下，通过政治联系虽然可以获得更多、更长期限的银行贷款，但是也会产生投资不足和投资过度的非效率投资，尤其存在投资过度问题，降低了企业投资效率，反而对公司价值造成了负面影响。究其原因，企业获得贷款后，基于偿还贷款的压力必须投资更多的项目，但是公司最优回报率的项目有限，在银行监管不严的情况下，“富余”的贷款并没有被高效率的利用，贷款可能流向了那些净现值为零，甚至为负的投资项目，或者沦为经理人获取私利的代价，从而造成企业投资效率的降低。
英文摘要：	The success or failure of financing and investing determine the survival and development of enterprises. Both practice and theory sector pay much attention to the political connections. Under the background of China, in order to explain that why the private enterprises which are not directly related to politics originally participated in Political Consultative Conference actively. Can political ties bring what kind of interests for private enterprise? As well as the cost needed to exchange for the interests. This paper analyzed whether political connections were in favor of having access to bank loans for private listed companies, and whether political contact would affect the investment efficiency of loans, in the economy transition period of China. Research on theory and practice of political affiliation private enterprises are of great significance to the problem. On the one hand, pioneered by La Porta, such as "law and finance" framework, taking into account imperfect market friction in the administration of enterprises; On the other hand, the private economy development of China's market economy is an important component of the , the healthy development of China's economic and social significance. In this paper, we took the private listed companies going public before 2007 in Chinese A-share market as the samples after excluding the enterprises from Financial Industry and those marked "ST" and "* ST", which signing the focus of supervision, and those disclosed information incompletely. Finally, a total of 341 samples left as the final research subjects, of which about 15.5 percent of the samples were qualified as the definition of political connection companies, 21.7% of the samples had political connection with the NPC or the CPPCC, and the samples with any one type of political connections accounted for 36%. We selected the bank loan to be benefits that the political ties brought, and the investment efficiency as the cost of the benefits, In this study, we studied both the positive and negative impact of political ties had on the private listed companies.As the starting point, we studied the relationship between political contacts and the bank loans. The empirical studies have shown that political connections had easier access to loans than non-political affiliated enterprises, and this phenomenon is more serious with long-term loans. In order to further study in access to the investment efficiency after have been credited, so as to create business value, the research method of the evidence study part was to prove that investment spends will grow with investment opportunities increase first, and then brought in the political connections factor. Finally, the result showed that the political connections reduced the sensitivity of the connection between investments spends growth and investment opportunities growth. Then, from the investment effect side, we studied the relationship between the long-term loans and fixed assets growth under the influence of political ties. But we lost the Significance result. The reason may be the long cycle of the set up of the fixed assets, which longer than one or two year. Finally, the conclusions drawn in this article, that is under the conditions full of special political ties of China, through political connections can get more loans and longer period of bank loans though, it’s also easy to cause under-investment or over-investment question, especially the question of excessive investment, which reduced the efficiency of business investment, and moreover has had a negative impact on value. After gaining the huge loans, the political connecting companies needed to invest more projects under the pressure to repay the loan, but the optimal projects which provided high return rate for the company is limited, and there was lack of supervision from banks, thus the "surplus" loan has not been efficiently used. The loans would flow to those projects with nearly zero NPV, or even with negative NPV, which resulting in the reduction of investment efficiency. Thus, as a coin has two sides, political connections also gave a great burden on enterprises at the same time.
查看全文：	预览  下载(下载需要进行登录)