关键词: 政治关联,融资约束,信息效应,资源效应,高新技术企业

Abstract: Based on the dynamic panel GMM model, this paper studies the impacts of political connections on the financing constraints of high-tech enterprises and its action mechanism. The findings show that the high-tech enterprises with political connections are faced with fewer financing constraints. Compared with large-scale enterprises, state-owned enterprises, loose monetary policy periods, and the high-tech enterprises located at areas with weaker government intervention and higher degree of financial development, the financing constraint alleviating effect brought about by establishing political connections is more significant for small-scale enterprises, private holding enterprises, the tight monetary policy periods, and the high-tech enterprises located at the areas with stronger government intervention and lower degree of financial development. Further analysis finds that political connections could alleviate the financial constraints faced by high-tech enterprises mainly through the two mechanisms: i.e., to reduce the information asymmetry in the credit market and to obtain more scarce resources, such as government subsidies, bank loans and equity financing.

Key words: political connections; financial constraints; information effect; resource effect; high-tech firms