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本文以我国“四万亿”经济刺激计划为背景,分析了政治关联是否有利于民营企业获得银行贷款,并探讨了宏观经济因素是否会影响政治关联作用的发挥。实证检验结果发现,有政治关联的企业比非政治关联的企业获得更多的银行贷款以及更快的资本结构动态调整速度,而且,在宏观经济政策刺激的情况下,政治关联的贷款效应更加显著。研究结果表明政治关联可以作为一种替代性的非正式机制,帮助民营企业获得银行的信贷支持,促进企业发展。
Based on the “4 trillion RMB” economic stimulus plan in our country, this paper analyzes whether political affiliations are good for private enterprises to obtain bank loans and explores whether macroeconomic factors will influence the exertion of political affiliation. Empirical test results show that enterprises with political connection get more bank loans and quicker dynamic adjustment of capital structure than non-political related enterprises, and the loan effect of political connection is more significant under the stimulation of macro-economic policies . The results show that political association can be used as an alternative and informal mechanism to help private enterprises to obtain bank credit support and promote the development of enterprises.