政治联系、负债融资和民营企业过度投资治理效应.pdfVIP

政治联系、负债融资与民营企业过度投资治理效应* 赵岩 陈金龙 （国立华侨大学 工商管理学院 福建省 泉州市 362021） 摘要：本文以民营上市公司为研究样本，分别研究高管政治联系和非高管政治联系对负债融资和过度 投资的影响，以及负债融资对过度投资的治理效应。研究结果显示：高管政治联系和非高管政治联系对负 债融资的影响存在差异，但二者对过度投资都产生正向影响；不同来源的负债和债务期限结构对过度投资 的治理效应存在差异，过度投资对负债融资也会产生影响，负债融资与过度投资是双向影响关系。本文的 研究结论丰富和深化了政治联系与过度投资的关系研究。 关键词：政治联系；负债融资；过度投资 Political Connection ，Debt Financing and Overinvestment Governance Effect of Private Enterprises Zhao Yan, Chen Jin-long (Business School ,Huaqiao University, Quanzhou 362021) Abstract: This paper discusses how the political connection from senior managers and none senior managers impact debt financing and on overinvestment behavior to Private Enterprises, and analysizes how debt financing governs overinvestment behavior to Private Enterprises. The results show as follows:there are differences on the political connection between executives and non-executives affecting debt financing; the political connection between executives and non-executives produce positive effects on overinvestment behavior;different sources of debt and debt maturity structure have different governance effect on overinvestment behavior, overinvestment behavior will impact on debt financing,it is bidirectional influence between overinvestment behavior and debt financing.The conclusions of this paper enrich and deepen the relationship among d the political connection ,debt financing, overinvestment behavior. Key words:political connection, overinvestment, governance effect,debt financing 1 引言 政治联系是世界各国经济发展过程中的一种普遍现象，政治联系已成为一种有价值的资源。国内外许 多学者早已关注政治联系对企业的影响，已经从高管政治联系方面分别研究政治联系对负债融资、过度投 资等的影响，但较少研究非高管政治联系对负债融资、过度投资的影响以及高管政治联系和非高管政治联 系对负债融资和过度投资的影响差异，也更少研究过度