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以我国2006~2011年在沪深两市上市的民营企业为样本,考察政治关系及经营环境差异对民营企业获取银行贷款及贷款违约的影响。研究结果表明:(1)有政治关系的民营企业比无政治关系的民营企业能够获得总额更多、期限更长的银行贷款;(2)经营环境越差,有政治关系的民营企业比没有政治关系的民营企业能够获得更多的银行贷款,但不具有长期借款优势;(3)政治关系对民营企业银行贷款违约没有显著性影响,经营环境中的社会诚信、行政管理、法治环境对贷款违约也没有显著性影响,而金融服务质量与贷款违约显著负相关;(4)宏观货币政策对政治关系、经营环境与民营企业银行贷款的获得以及经济后果的影响关系有一定的调节效应。
Taking the private enterprises listed in Shanghai and Shenzhen stock markets from 2006 to 2011 as a sample, this paper examines the impact of the differences in political relations and business environment on the acquisition of bank loans and loan defaults by private enterprises. The results show that: (1) Private-owned enterprises with political relations can get more total and longer-term bank loans than non-state-owned private enterprises; (2) The worse the business environment, the more privately- (3) Political relations have no significant impact on the default of bank loans of private enterprises, social credit, administration and the rule of law environment in business environment have default on loans (4) Macro-monetary policy has a certain regulatory effect on the relationship between political relations, business environment and access to bank loans of private enterprises and economic consequences.