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基于动态面板GMM模型研究政治关联对高新技术企业融资约束的影响及其作用机制,发现具有政治关系的高新技术企业面临更少的融资约束;相对于大规模企业、国有企业、宽松货币政策时期、政府干预较弱以及金融发展程度较高地区的高新技术企业,小规模企业、民营控股企业、紧缩货币政策时期、政府干预较强以及金融发展程度落后地区的高新技术企业建立政治关联所带来的融资约束缓解效应更为显著;进一步分析发现,政治关联主要通过降低信贷市场信息不对称以及获取政府补贴、银行贷款、权益融资等稀缺资源两种机制来缓解高新技术企业面临的融资约束。
Based on the dynamic panel GMM model, we study the influence and mechanism of political connection on the financing constraints of high-tech enterprises and find that high-tech enterprises with political relations face fewer financing constraints. Compared with large-scale enterprises, state-owned enterprises, loose monetary policy, High-tech enterprises, small-scale enterprises, private-holding enterprises, high-tech enterprises with tight government intervention and areas with poor financial development in the regions with weaker financial interventions and higher financial development levels have established political connections The further analysis shows that the political connection can alleviate the financing constraints faced by high-tech enterprises mainly by reducing information asymmetry in the credit market and acquiring scarce resources such as government subsidies, bank loans and equity financing.