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在企业转型升级和关系主导型大环境下,企业的政治关联普遍存在,表现形式各有迥异,很多企业在构建政治关联上花费了巨额时间和成本,同时对企业产生异常深刻的影响。文中依据2011—2015年创业板上市公司相关财务数据作样板,借助STATA统计软件计量政治关联与民营企业债务融资、政府补贴、税收优惠的相关作用率。研究结果表明:政治关联同民营企业债务融资呈显著正向相关;与政府补贴显著负相关;与税收优惠显著负相关。
In the context of the transformation and upgrading of enterprises and the relationship-driven environment, the political connections between enterprises are ubiquitous and their manifestations are very different. Many enterprises spend huge amounts of time and costs in building political connections and have an unusually profound impact on the enterprises. Based on the financial data of GEM listed companies from 2011 to 2015 as a model, the paper uses STATA statistical software to measure the relevant role rates of political connections and private enterprise debt financing, government subsidies and tax incentives. The results show that there is a significant positive correlation between political connection and private enterprise debt financing, a significant negative correlation with government subsidies, and a negative correlation with tax incentives.