本文以2007年至2010年我国上市民营企业为样本,检验独立董事的背景特征对民营企业信贷融资的影响。实证结果表明:随着具有融资关系背景特征的独立董事的增加,企业现金流量与现金持有增加额之间的正相关关系明显递减,企业的债务融资成本显著降低,企业的债务违约率明显上升。这说明民营企业虽然能够通过具有融资关系背景特征的独立董事缓解融资约束,以较低的成本获取资金,但存在较高的违约风险。 This paper examines the impact of the background characteristics of independent directors on the credit financing of private enterprises from the listed private-owned enterprises in China from 2007 to 2010. The empirical results show that with the increase of independent directors with the background of financing relationship, the positive correlation between corporate cash flow and cash holdings decreases significantly, the debt financing cost of enterprises decreases significantly, and the debt default rate of enterprises increases significantly . This shows that although private-owned enterprises can mitigate their financing constraints through independent directors with the background of financing relationship, they can obtain funds at a lower cost but have a higher risk of default.