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众所周知,政治关联在经济活动中扮演了重要角色,本文选取2009-2013年沪深两市A股民营上市公司为样本,研究了政治关联和政治关联层级对资本结构的影响。结果显示:一是相比而言,民营公司的政治关联与其总负债融资率、长期负债融资率和留存收益融资率显著正相关;二是将政治关联细分为中央级、省级和地方级政治关联时,结果显示政治关联层级越高,总负债融资率、长期负债融资率和留存收益融资率越高。本文的研究方法和结果丰富了政治关联的相关研究,并对各级政府的产业政策制定等具有借鉴意义。
It is well-known that political connections play an important role in economic activities. This paper selects the A-share private listed companies in Shanghai and Shenzhen Stock Exchanges from 2009 to 2013 as a sample to study the impact of political affiliation and political affiliation on capital structure. The results show that: First, compared with the total debt financing rate, long-term debt financing rate and retained earnings financing rate are significantly and positively correlated; and second, the political association is subdivided into the central, provincial and local levels In political connection, the result shows that the higher the level of political connection, the higher the total debt financing ratio, long-term debt financing ratio and retained earnings financing ratio. The research methods and results of this article have enriched the related research of political connection and have reference significance to the industrial policies of all levels of government.