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政治关系影响了公司价值,但对于如何影响公司价值还知之甚少。文章从资本结构与行业竞争关系的角度检验政治关系如何影响公司价值。基于1998-2007年中国上市公司中制造行业的公司数据,文章发现政治关系提高了行业竞争对资本结构的敏感性。在使用两种不同的融资约束划分标准后,研究发现不同融资约束下公司政治关系的价值不同,对于存在融资约束的公司而言,政治关系更深地影响了行业竞争对资本结构的敏感性,因此具有更高的价值。文章的证据支持了政治关系有助于公司获取融资资源从而提高公司价值的观点。
Political relations affect the value of a company, but little is known about how it affects a company’s value. The paper examines how the political relations affect the company’s value from the perspective of the capital structure and the competition of the industry. Based on the company data of the manufacturing industries in Chinese listed companies from 1998 to 2007, the article finds that political relations raise the sensitivity of the competition in the industry to the capital structure. After using two different financing constraint criteria, the research finds that the value of the company’s political relationship under different financing constraints is different. For the companies with financing constraints, the political relations affect the sensitivity of the industry competition to the capital structure more deeply. Therefore, With higher value. The article’s evidence supports the notion that political relations help companies access financing resources and thus increase the value of the company.