政治關聯(lián)對信貸資源配置效率的影響研究——基于民營A股上市公司數(shù)據(jù).pdf

1、分類號UDC學號叢!!!!i密級埸H1大萼YANGZHOUUNIVERSITY碩士學位論文(全日制學術學位)政治關聯(lián)對信貸資源配置效率的影響研究一基于民營A股上市公司數(shù)據(jù)指導教師姓名：申請學位級別：論文提交日期：學位授予單位：王齊慧塑堂垡塑蕉!揚劌盤鱟!望蒸揚劌122三QQ皇碩士20170526答辯委員會主席：馬志強學科專業(yè)名稱：論文答辯日期：學位授予日期：2017年6月一全些篁翌2017052720170620川7川78Ⅲ4Ⅲ7㈣2川

2、3川丫AbstractTheallocationefficiencyofcreditresourceaffectsthenormalproductionandoperationactivitiesofenterprises，whichisrelatedtothemarketcompetitivenessofenterprisesAndourgovemmentadjuststheeconomicstructurebythesupplysi

3、dereformtoachievetheoptimalallocationofelements，especiallytheallocationofcreditresourcesInthiscontext，thelevelofcreditresourceallocationefficiencyisnotonlycriticaltothefuturedevelopmentofenterprises，butalsoaffectstheproc

4、essofChina’SreformTherehasbeenaveryrichstudyoftheallocationofcreditresourcesforpoliticalconnectioninliterature，butwhethersuchcreditsupportleadstoinefficiencyandwhatinefficienciesleadtowithlackofindepthresearchItfirstdisc

5、ussesthetheoryofpoliticalconnection，investmentefficiencyofenterpriseandthevalueofenterpriseandrelevantliteratureathomeandabroadOnthisbasis，thedataofprivateA—shareslistedcompaniesinChinafrom2011to2015aretakenasthesample，a

6、ndthevirtualvariablemethodisusedtomeasurethepoliticalconnectionandtodistinguishdifferenttypesofpoliticalconnectionSpecificallyinvestigatingtherelationshipamongtheestablishmentofpoliticalconnection，thescaleofcreditresourc

7、esandinvestmentefficiency，thevalueofenterprisesbyempiricalmethodsFirstofall，itfoundthatprivateenterprisesofestablishingpoliticalconnectioncarlgetmorecreditresollrcesfromthepointofviewoffinancing，andsecondlyfromthepointof

8、viewofinvestment，privateenterpriseswithpoliticalconnectionobtainmorecreditresources，themoreeasilytheenterprisehaveexcessiveinvestment，andthelargerthescaleofcreditresourcesis，theworsethevalueofenterprisesisThisresultshows

9、thatpoliticalconnectionhasasignificantnegativeimpactontheefficiencyofcreditresourceallocationItfurtherclassifiesthepoliticalconnectioninthisarticleComparedwiththepoliticalconnectionofrepresentatives，privateenterprisestha

10、testablishpoliticalconnectiongovernmentofficialsgainmorecreditresources，aremorepronetoexcessiveinvestment；thepoliticalconnectionofrepresentativescarl_weakenthenegativeimpactofthebankloanonthevalueoftheenterprises，whileth

11、epoliticalconnectionofgovernmentofficialscallnotweakenthisnegativeimpactItfocuses012theinfluenceofpoliticalconnectionontheallocationefficiencyofcreditresourceinthispaper，providingtheevidenceoftheinefficiencyofpoliticalco

12、nnectionarrangement，andgivessomeenlightenmenttotheenterprisesforcorrectlyunderstandingpoliticalconnectionanddevelopinghealthilyandorderlyCountermeasuresandsuggestionsareputforwardinthisarticle：ontheonchand，theenterprises