Can Financial Connection Relieve the Financing Constraints on Private Enterprises
基于2004-2008年800家A股民营上市公司数据，研究发现47.8%的企业存在金融关联，且金融关联能有效缓解融资约束，尤其在金融市场欠发达或政治关联较低的企业中作用更显著。
Using a sample of 800 private listed companies with A-share between 2004 and 2008,this paper empirically analyzes the relationship between financial connection and financing constraint on private firms.It is found that 47.8%of the private enterprises have financial connection which can help them relieve the financing constraints.Followings are some further findings of this empirical study:firstly,financial connection has a greater effect on relieving the financing constraints on private firms in a less developed financial market than that of a comparatively developed financial market.Secondly,financial connection plays a rather important role in relieving the financial restraints in the enterprises with a relatively low-degree political connection,while in the enterprises with high political connection,it is less important.Finally,financial connection is much more effective than that of political connection in helping private enterprises relieve the financial constraints.