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Study on Political Connection, Trade Credit and Company Performance

Author: XuHuaBin
Tutor: WangShiCai
School: Huazhong University of Science and Technology
Course: Business management
Keywords: Political Connection Trade Credit Company Performance
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 131
Quote: 0
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Abstract


As an informal system, political connection is a key point for enterprises to obtain bank loans, tax incentives, government subsidies, trade credit and other resources so as to enhance performance. Trade credit can be used for short-term capital insufficiency, cost reduce, the information asymmetry reduce and market expansion. However, at present the private enterprises still use much little trade credit, which directly affects on their performance growth. This paper relates political connection, trade credit to company performance, studys on the mechanism of political connection and trade credit affect the company performance.This paper takes 65 listed private enterprises in Shanghai and Shenzhen A-share market between 2002 and 2009 as a sample, selects 520 observations, and uses SPSS statistical analysis software for empirical analysis. According to different political backgrounds and executives, we divide political connection into 7 categories, regresses political connection divided by each standard separately, and adds different kind of political association one by one; at the same time, we categrorize the private enterprises’use of trade credit into trade credit they acquire and supply.We research on the political connection’s effect on trade credit and company performance, the trade credit’s impact on company performance, and explores the trade credit’s influence on political connection impacting the performance. According to the empirical study, we find: the second political connection has a significant negative effect on the company performance; the others have a positive effect on the trade credit’s acquisition and the company performance, and different kind of political connection has different significance. Trade credit the private enterprises acquire has obvious positive effect on their performance. Trade credit the private enterprises acquire makes the significance of political connection’s effect on company performance better, but the influence of trade credit is limited.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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