慈善捐赠、政治关联与融资约束——基于我国私营企业调查数据的实证研究
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| Title | Charitable Donation, Political Connection and Financing Constraint--Empirical Analysis on Chinese Private Enterprises
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| 作者 | 王艺明 刘一鸣 |
| Author | Wang Yiming and Liu Yiming |
| 作者单位 | 厦门大学王亚南经济研究院 |
| Organization | Xiamen University |
| 作者Email | wym@xmu.edu.cn |
| 中文关键词 | 私营企业 慈善捐赠 政治关联 融资约束 |
| Key Words | Private Enterprise; Charitable Donation; Political Connection; Financing Constraint. |
| 内容提要 | 中国私营企业的发展受限于公司规模，为了寻求更多的金融资源，私营企业家往往会通过多种方式来开拓融资渠道。本文采用了私营企业课题组抽样调查的1991-2012年的私营企业数据为样本，检验了私营企业的慈善捐赠行为是否会对其融资约束产生影响，并进一步考察了政治关联在企业融资约束中的作用。同时，本文还探讨了企业家的个人特征对私营企业融资约束的影响。研究发现，慈善捐赠有助于缓解企业的融资约束问题；相对于没有政治关联的企业，存在政治关联的私营企业进行慈善捐赠更有助于企业获得融资。本文通过实证研究，探讨慈善捐赠、政治关联及二者的交互作用对私营企业融资问题的影响，这对于探究我国私营企业的可持续发展有着重要的意义。 |
| Abstract | The development of Chinese private enterprises restricted by the firm size. In order to obtain more financial resources, the entrepreneurs always seek for different ways to extend the financing channels. This paper employs the survey data, compiled by the private business research group every second year during 1991 to 2012, to investigate whether charitable donation and political connection can affect the financing constraint level. Meanwhile, this paper controls the individual characteristics of entrepreneurs to explore the heterogeneity effects on financing constraints. The regression results show that charitable donation and political connection can release the financing troubles of private enterprises by obtaining more loans. While the politically connected firms can obtain more financial resources than the non-politically connected ones if they donate. Based on the empirical analysis, this paper illustrates the effects of charitable donation, political connection and the individual characteristics of entrepreneurs on financing constraints, which provides right direction for the sustainable development of Chinese private enterprises. |
| 文章编号 | WP1174 |
| 登载时间 | 2017-03-31 |
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