The Entrepreneur's Political Connections,Ownership and Corporate Debt Maturity Structure:A Study Based on the Economic Institution in Transition
研究了转型经济中企业家政治关联对公司债务期限结构的影响，发现政治关联显著延长债务期限，且地方关联比中央关联影响更强，这种效应在民营企业中更明显。
Combining with the institutional background of the economic institution in transition,this papa discusses the relationship between political connection and the corporate debt maturity structure on the base of distinguishing the difference of political levels.Further we discuss the moderating effect of the ownership between the entrepreneur's political connections and the corporate debt maturity structure.In the empirical analysis,we use the panel data of listed company to test the hypothesis.We find the entrepreneur's political connections will influence the corporate debt maturity structure positive signally.The entrepreneur's political connection with local government influences the corporate debt maturity structure is stronger than the entrepreneur's political connection with central government We find that the relationship between the entrepreneur's political connections and the corporate debt maturity structure will be stronger in the private enterprise and this difference also exists in the political leveL This paper provides the evidence of informal institution influencing the corporate debt maturity structure,and deepens the research of informal institution,which will support the reform of economic system.