慈善捐赠、反腐力度与信贷融资被引量：3

Donation, Anti-Corruption Policy and Bank Loan for Private Enterprise

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摘要以2009-2017年中国A股民营上市公司为样本,基于不断强化的反腐败背景,研究民营企业慈善捐赠对信贷融资的影响。研究发现:总体来看慈善捐赠影响银行信贷决策,为民营企业争取到了更多信贷资金;不断强化的反腐力度,改变了捐赠等外部因素对信贷资金配置的干预,弱化了民营企业通过慈善捐赠进行融资寻租的预期;慈善捐赠干预信贷资金配置在市场化程度不同地区存在差异,反腐力度的强化有效抑制了民营企业寻租行为,促进了信贷资金配置的公平竞争。 This paper studies the influence of donations on financing ability of listed private companies between 2009 and 2017, based on the background of anti-corruption since the 18 th National Congress of the Communist Party of China(18 th National Congress). The study found that donations of private enterprises influenced the bank’s credit decision-making and helped them to obtain more bank loans before the 18 th National Congress. But the strengthened anti-corruption efforts had changed the intervention of external factors such as donation to the allocation of credit funds, and correspondingly weakened the incentive of private enterprises to seek rent through charitable donation since the 18 th National Congress. The author conducted a group test based on different marketization level of the company’s registered place to study the regional differences in credit funds allocation. The study showed that ability which charitable donations intervened in credit allocation was more obvious in the weak marketization areas before the 18 th National Congress. However, the influence of charitable donation on credit allocation has been weakened with strengthened anti-corruption efforts since the 18 th National Congress and the high marketization regions had been impacted more seriously. Study showed that the perfect market which can provide more diversified financing channels for private enterprises had reduced the incentive on bank rent-seeking in the high marketization areas;The strengthened anti-corruption efforts had restrained the incentive for seeking rent and promoted fair competition in the area of credit fund distribution for private listed companies since the 18 th National Congress.

作者张会芹 ZHANG Huiqin(School of Accounting,Henan University of Economics and Law,Zhengzhou 450046,China)

机构地区河南财经政法大学会计学院

出处《经济经纬》 CSSCI 北大核心 2020年第3期167-176,共10页 Economic Survey

基金河南省哲学社会科学规划项目(2017CJJ086) 河南省教育厅人文社科项目(KJZGPJ201703)。

关键词反腐败力度慈善捐赠信贷融资政治关联 Anti-Corruption Efforts Donation Bank Loan Political Connection

分类号 F831 [经济管理—金融学] F275 [经济管理—企业管理]

作者简介张会芹(1974-),女,河南温县人,博士,讲师,主要从事企业社会责任研究。