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对于中国大部分企业来说,银行授信额度是一种稀缺的金融资源。通过构建2004—2009年中国A股上市公司的政治关联程度指标,本文研究发现,当企业需要授信额度时,政治关联程度越高,越容易获得银行授信额度,尤其是更容易从国有银行获得授信额度。进一步还发现,对于融资约束较大的企业、民营企业以及处于政府干预程度较高地区的企业,政治关联对企业获得银行授信额度的帮助更明显。结果表明,我国银行的信贷决策,尤其是国有银行的信贷决策在很大程度上依然受到政府干预和政治关联的影响,而且这种影响不只局限于表内信贷资源的配置,还会进一步扩展到表外潜在的信贷资源配置。
For most Chinese enterprises, the bank credit line is a scarce financial resource. By constructing the index of political affiliations of Chinese A-share listed companies from 2004 to 2009, this study finds that when the enterprises need the credit line, the higher the degree of political affiliation is, the easier it is to obtain bank credit, especially the easier to obtain credit from state-owned banks Quota. Furthermore, we find that the political connection is more helpful for enterprises to obtain bank credit lines for enterprises with larger financing constraints, private enterprises and enterprises in regions with higher levels of government intervention. The results show that the credit decisions of Chinese banks, especially the state-owned banks, are still heavily influenced by government intervention and political affiliations, and the impact is not limited to the allocation of credit resources on the table but can be further extended to Off-balance sheet potential credit resources allocation.