公司政治关联和贷款期限结构研究.pdf

A b str a c t T h e ex isting loan term structure research literature, m ain ly based on balance theory, agency cost hypothesis, inform ation asym m etry hypothesis and tax hypothesis，and m ain ly u sed the factors of basic characteristics and corporate governance structure to analysis the loan term structure. T he studies found that the scale of the com pany, the com pany investm ent opportun ity, profitab ility, holding shareholder and inform ation asym m etry prob lem w ou ld have effect on the loan term stru cture, but research has not pay attention to the effect of political conn ection on loan term structure. T h is article exp lain s the relationsh ip betw een political conn ection and different kinds of loan . P olitical connection, as a k ind of guarantee, can im prove the com panys credit to get loans, so it w ill becom e m ore convenient for com pany to get the long-term loan s, and increase the loan term structure. D ue to the ex istence of political association , the bank m ore inclined to establish a long-term relation sh ip w ith the com pany, and the stable long-term loans is the best reflection of the relationship betw een com pany an d banks. A ccording to the analy sis, political conn ection has different influence on the different types of loan s. T hu s，w e put forw ard th e follow ing four hypothesizes: com pared w ith the non-political connection enterprises, political conn ection com pany have m ore bank loans; C om pared w ith non-political connection enterprises, political connection com pany have m ore long-term loan s. T he short-term loans of political and non-political com pany dont have significant differences. C om pared w ith non-po litical connection enterprises, the term structure of political connection com pany loan is longer. K ey W ord s: L oan T erm Structure ;P olitical C onn ection C h in ese L ibra