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银行贷款在我国企业的外部融资中占有非常重要的地位,而“贷款续新”政策决定了企业是否能够继续获得银行贷款以支持企业的正常运营.选用中国2004-2008年A股沪市非金融类民营上市公司的数据,实证分析了政治关联、经营业绩与银行贷款续新的关系.研究发现:企业的政治关联确实为企业融资带来了便利.相对于业绩好的企业而言,业绩差的企业反而获得了更多的贷款续新.还发现企业的政治关联作用能够很好的提高经营业绩,且业绩较好的公司更能发挥出“政治关联”带来的资源优势.
Bank loans play a very important role in the external financing of Chinese enterprises, and the policy of “loan renewal” determines whether an enterprise can continue to obtain bank loans to support the normal operation of the enterprise.China’s 2004-2008 A-share Shanghai stock exchange Non-financial private listed companies, empirical analysis of the political relations, business performance and renewal of the relationship between bank loans.Studies found that: the political association of enterprises did bring convenience to corporate financing.Compared with the performance of good business, Instead, firms with poor performance receive more loan renewal, and find that the political relevance of the enterprise can improve their business performance well and the better-performing companies can exert better resource advantages brought about by the “political connection” .