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政治关系作为企业与政府之间的连接纽带,从法律法规、资源配置等诸多方面影响了企业的生存和发展。本文基于我国上市公司在2000-2013年对外直接投资数据,研究了我国企业对外直接投资决策中的融资约束问题,以及政治关系对这一问题的影响。研究发现,政治关系在我国企业对外直接投资决策融资约束问题上起决定性作用。国有企业对外直接投资决策完全不受融资约束的影响,存在政治关系的民营企业对外直接投资决策存在一定的预算软约束,受融资约束影响的程度较轻,而不存在政府关系的民营企业对外直接投资决策则受到严重的融资约束的影响。本文的研究结果有助于理解不同程度政治关系企业的对外直接投资行为,为企业战略制定和政府政策制定提供了一定的理论基础。
As a connecting link between enterprises and the government, political relations affect the survival and development of enterprises from many aspects such as laws, regulations and resources allocation. Based on the data of foreign direct investment (FDI) from 2000 to 2013 in China’s listed companies, this paper studies the financing constraints in the FDI decisions of Chinese enterprises and the impact of political relations on this issue. The study found that the political relations play a decisive role in the financing constraints of China’s foreign direct investment decision-making. The direct investment decisions of state-owned enterprises are not affected by the financing constraints at all. There is a certain soft budget constraint on the direct investment decisions of private enterprises that have political relations. The private finance companies that do not have government relations have no direct influence on foreign direct investment decisions. Investment decisions are subject to serious financing constraints. The research results of this paper are helpful to understand the foreign direct investment behavior of enterprises with different degrees of political affair, and provide a theoretical basis for the formulation of corporate strategy and the formulation of government policy.