중국 민영기업의 정경유착이 재무제약에 미치는 영향
Effect of a Political connection of Government and Chinese Private Firms on Financial Constraints
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본 연구는 2007년부터 2015년까지 중국 민영기업의 정경유착이 재무제약에 미치는 영향을 연구하였다. 연구결과, 중국 민영기업은 보편적으로 재무제약이 존재하며 민영기업 이사장과 정부의 정경유착은 기업의 재무제약을 완화시켰다. 동시에 지방정부와 정경유착을 갖고 있는 경우, 중앙정부에 비해 재무제약을 완화하는데 더 큰 도움이 되었다. 본 연구는 다음과 같은 정책적 시사점을 가진다. 첫째, 중국 민영기업의 재무제약 문제는 기업발전을 저애하는 요인 중 하나이므로 민영기업의 투자 및 성장에 유리한 자본조달 경로를 탐색하여야 한다. 둘째, 이사진 및 고위경영층은 적극적으로 정치에 참여하여 정부 특히는, 지방정부와의 관계를 돈독히 하여 기업발전에 유리한 조건을 형성하여야 한다. 셋째, 장기적인 관점에서 중국 정부는 정경유착으로 재무제약을 해결하는 시스템을 근본적으로 개선할 필요가 있다.
Abstract
This study investigated the effect of political connection of government and Chinese private firms on financial constraints from 2007 to 2015. The result of the study shows that Chinese private firms have financial constraints in general and the close connection between chairman of the board and the government has eased the financial constraints of the firms. At the same time, having a relationship with the local government has helped to alleviate financial constraints compared to the central government. This study has the following policy implications. First, Chinese private firms should raise the capital favorable to their investment and growth because the financial constraints are one of the factors that hinder their development. Second, board members and top management should actively participate in politics and promote a sincere relationship with government, especially local government, for business development. Finally, long-term point of view the Chinese governmen needs to fundamentally improve its system to resolve financial constraints with political connection.
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