政治关联融资约束与民营企业效率中国的经验

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浙江财经学院硕士学位论文

摘要

民营企业发展是当前中国经济改革中的一项重要任务，它关系到中国经济的可

持续发展。从治理模式来看，中国正处于从人治向法治的转型过程中，民营企业家

所具有的政治关联对于民营企业发展具有重要影响。目前民营企业普遍存在融资难

（即融资约束）的问题，它已经成为阻碍企业效率提高的障碍，在关于中国民营企

业融资约束的研究文献中，大多是讨论融资约束对企业效率的影响，我们尚未发现，

将政治关联这种重要的非正式制度引入分析框架之中的文献，这是本文重要的创新

点。

固定资产投资是民营企业效率提高的重要前提。但是根据调研数据，目前绝大

多数民营企业发展面临的最大困难就是融资难（融资约束），这严重影响了企业的

固定资产投资乃至企业的效率。基于此，我们提出了本文的假说一：融资约束阻碍

了民营企业效率的提高。另外，我们发现民营企业家积极发展自身政治关联的现象

很普遍，这与很多学者提出的政治关联可以帮助企业获取部分资源的观点相一致。

如果企业通过发展政治关联可以更容易的获得银行贷款从而避免高利息的非正式渠

道融资（比如民间贷款），那么企业家的政治关联就可以通过削弱融资约束（融资

难）而对企业效率起正面作用。基于此，我们提出了假说二：企业可以通过建立政

治关联降低融资约束而达到增加企业效率的目的。

本文利用 2006 年第七次全国民营企业调查数据，采用实证方法检验了政治关联

约束下融资约束对民营企业效率的影响。此外，我们设计了符合中国国情的融资约

束指标。我们没有采用许多学者所用的现金流方法(Fazzari and Peterson,1993)，因为

该方法是从间接的角度刻画融资约束，并且其合理性也受到越来越多的质疑

(Alti,2003)。综合 Huang(2006),Beck and Demirguc-Kunt(2006)和Hope et al.(2009)等人

的设计方法，考虑到民间贷款是中国具有特色的一种融资形式，因此用民间贷款与

贷款总额的比例能够更加合理的刻画民营企业面临的融资约束。

通过实证分析我们发现，融资约束每增加 1个单位，民营企业效率就会下降至

少8.6 个百分点；更为重要的是，随着民营企业政治关联不断增加，融资约束对民

营企业效率的负面影响逐渐减弱。特别的，只要民营企业具有至少两种政治关联，

融资约束的不利影响就会消失。根据调研数据，大约 22.1%的企业家拥有两种及两

种以上的政治关联。

上面我们用政治关联（Political Connection）度量企业家所具有的政治资本，这

是通过打分的方式评价企业家政治关联的客观指标。为了保证检验结果的稳健性，

浙江财经学院硕士学位论文

我们用民营企业家对自身政治地位的主观评价（Political Status）来替代政治关联

（Political Connection），以观察上述估计结果是否稳健。考虑到直辖市特殊政治经

济环境可能对估计结果的噪音影响，我们又剔除直辖市样本进行重新检验。以上两

组稳健性检验都得支持了我们的结论。

虽然民营企业可以通过政治关联削弱融资约束对企业效率的不利影响，但是我

们并不主张所有的企业都去发展政治关联：首先，建立政治关联需要花费一定的成

本，且当很多企业都致力于发展政治关联的时候发展政治关联将会成为一种低效率

的活动。其次，鼓励企业发展政治关联会危害到社会主义市场经济体制的完善。最

后，我们认为完善正式制度（比如法律等）才是削弱融资约束提高企业效率的“上

上策”。

关键词：政治关联；融资约束；民营企业的效率；中国

浙江财经学院硕士学位论文

III

ABSTRACT

Promoting the development of private enterprise is one of the most important task in the

current Chinese economic reform, which has a close relationship to the sustainable

development of China's economy. On the the perspective of management mode to see,

China is in the transition from the rule of man to the rule of law.In the process of

transformation, the political association of private entrepreneurs has important influence

on the development of private enterprises. At present , the widespread financing difficult

(namely financing constraints) among private enterprises has become the obstacle for the

improvement of enterprise efficiency. The existing literature on the impact of financing

constraints on the efficiency of private enterprise has largely overlooked the role of

political connections. One of the most important innovation points in the paper is adding

political association of informal system into the analysis framework of the literature.

Investment in fixed assets is an important prerequisite for the efficiency of private

enterprise . However, according to the survey data , the vast majority of private enterprise

development facing the greatest difficulty is the difficulties in financing ( financing

constraints ) , which seriously affect the efficiency of investment in fixed assets of the

enterprise and the enterprise as a whole . Based on this, we put forward the hypothesis of

this article : financing constraints hinder the efficiency of private enterprise. In addition ,

we found that the private entrepreneurs to actively develop its own political association is

widespread , which is consistent with many scholars view of political association can help

companies get some of the resources . If the business can be easier to obtain bank loans in

order to avoid the high- interest informal channels of financing ( such as private loans)

through the development of a political association, then the political association of

entrepreneurs can weaken the financing constraints ( financing difficulties ) and play a

positive role on business efficiency . Based on this , we propose a hypothesis : companies

can reduce financing constraints through the establishment of a political association and

increase enterprise efficiency .

Using a nationwide survey of private firms in 2006, we examine the effect of

financing constraints on efficiency of private firms under the constraints of political

connections. In addition , we have designed a financing constraint indicators in line with

China 's national conditions . We did not use the cash flow method used by many scholars

( Fazzari and Peterson , 1993 ) , because the method is indirect portrayed financing

constraints , and rationality has also been increasingly questioned ( Alti , 2003 ). We

浙江财经学院硕士学位论文

integrated the design method of Huang (2006), Beck and Demirguc-Kunt (2006) and

Hope et al. (2009) . Taking into account that the non-governmental loans is a distinctive

forms of financing , private loans and total loans ratio which indicator we designed is

more reasonable characterization of the financing constraints faced by the private

enterprises .

We find that one unit increase in financing constraints would decrease efficiency of

private firms by at least 8.6 percent by empirical Analysis. Most important, the negative

effect of financing constraints on efficiency decrease with political connections of private

firms increasing. In particular , as long as the private enterprises have at least two political

association , the adverse impact of financing constraints will disappear. About 22.1% of

the entrepreneurs have the two political association of two or more according to the

survey data.

We use objective scoring metric political association of entrepreneurs(Political

Connection) above. In order to ensure the soundness of the test results , we use the private

entrepreneur 's subjective evaluation of their own political status (Political Status) to

replace the political association ( Political Connection). Taking into account that

Zhixiashi’s special political and economic environment may take into account the noise

impact on the estimated results , we excluded Zhixiashi samples to re-examinate the

influence mechanism.

The above metrics associated with political capital entrepreneurs by the scoring

evaluation entrepreneurs Political associated objective indicators . Both of the two sets of

robustness tests above had to support our conclusion .

Private enterprises weaken the financing constraints on corporate efficiency

adversely affected by political association , but we do not advocate that all businesses

have to develop a political association : First , the establishment of a political association

takes a certain cost, and when a lot of companies are committed to the development of

political association will become a low- efficiency activities . Secondly, to encourage

enterprises to develop political association would be harmful to the perfection of the

socialist market economic system . Finally, we believe that the best way to weaken the

financing constraint to improve business efficiency is to improve the formal system ( such

as legal ) .

Keywords: Political Connections; Financing Constraints; Efficiency of Private Firms;

China

浙江财经学院硕士学位论文

第一章前言 ......................................................... 1

第一节研究背景 .................................................. 1

第二节研究意义 .................................................. 2

第三节主要创新点 ................................................ 3

第四节研究框架 .................................................. 3

第二章文献回顾 ..................................................... 5

第一节融资约束对企业效率的影响 .................................. 5

第二节政治关联 .................................................. 6

第三节影响企业效率的其他因素 .................................... 8

第三章研究背景及假设提出 .......................................... 10

第一节民营企业的发展历程 ....................................... 10

第二节民营企业的地位 ........................................... 11

第三节民营企业的投资和发展环境 ................................. 11

第四节民营企业的融资情况 ....................................... 16

第五节民营企业家的政治关联 ..................................... 18

第六节法律环境 ................................................. 19

第七节假说提出 ................................................. 20

第四章实证分析 .................................................... 23

第一节数据来源 ................................................. 23

第二节模型设计 ................................................. 23

第三节指标设计 ................................................. 25

第四节回归结果分析 ............................................. 29

第五节稳健性检验 ............................................... 31

第五章结论和政策含义 .............................................. 35

第一节结论 ..................................................... 35

第二节政策含义 ................................................. 35

参考文献 ........................................................... 37

附录 ............................................................... 44

致谢 ............................................................... 45

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摘要：

浙江财经学院硕士学位论文I摘要民营企业发展是当前中国经济改革中的一项重要任务，它关系到中国经济的可持续发展。从治理模式来看，中国正处于从人治向法治的转型过程中，民营企业家所具有的政治关联对于民营企业发展具有重要影响。目前民营企业普遍存在融资难（即融资约束）的问题，它已经成为阻碍企业效率提高的障碍，在关于中国民营企业融资约束的研究文献中，大多是讨论融资约束对企业效率的影响，我们尚未发现，将政治关联这种重要的非正式制度引入分析框架之中的文献，这是本文重要的创新点。固定资产投资是民营企业效率提高的重要前提。但是根据调研数据，目前绝大多数民营企业发展面临的最大困难就是融资难（融资约束），这严重影响了企...

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