JOURNAL OF BANKING & FINANCE, VOL 99, FEBRUARY 2019

政治影响力和财政灵活性：来自中国的证据

作者：Xian Gu (Central University of Finance and Economics)

Iftekhar Hasan（University of Sydney）

Yun Zhu（St.John’s University）

摘要：本文研究政治影响力如何影响企业的财务灵活性和对目标杠杆比率的调整速度。我们发现，在宏观层面上，企业在政治优势较高的环境下（以省属国家元首、省领导的政治地位和党衔为代理变量），杠杆率调整速度较快。在微观层面上，国有企业，有中共党员作为高管的公司，或者对政治不确定性变化承受较低的公司杠杆率调整速度更快。在相互作用时，微观政治因素影响更大。

关键词：政治影响;政治环境;政治关系;财政灵活性;调整速度

Political Influence and Financial Flexibility: Evidence from China

Xian Gu (Central University of Finance and Economics)；Iftekhar Hasan（University of Sydney）；Yun Zhu（St.John’s University）

ABSTRACT

This paper investigates how political influence affects firms’ financial flexibility and speed of adjustment toward target leverage ratios. We find that at the macro level, firms in environments with high political advantages, proxied by provincial affiliations with heads of state as well as political status and party rank of provincial leaders, adjust faster. At the micro level, firms that are state-owned, have CPC members as executives, or bear low exposure to changes in political uncertainty adjust faster. When interacted, the micro-level political factors have more significant impact.

Keywords: Political Influence；Political Environment；Political Connection；Financial Flexibility；Speed of Adjustment

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426618302723

翻译：王秭越