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Study on the Effect of Political Connections on Investment of Chinese Listed Companies

Author: GaoBaoYao
Tutor: JiangWei
School: Jinan University
Course: Accounting
Keywords: Political relations Financing constraints Business investment Cash flow
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 154
Quote: 0
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Abstract


Our transition from a highly centralized planned economy to a market economy countries , the government is on the market , there are still a lot of control . In our current transition economies , the political relationship as a widespread social phenomenon constitutes an important part of the external environment , the successful use of the potential interests of political relations , and is directly related to business performance and corporate competitiveness. Executives and political relationship between the introduction of corporate investment behavior , in order to reveal the characteristics of corporate investment behavior in China 's special regime . The study showed that : political relations have an important impact on business investment . The more serious business of financing constraints , investment - cash flow sensitivity is higher , the political relationship as an informal alternative mechanism , can improve the financing constraint status , significantly reduce the sensitivity of investment spending to cash flow ; sufficient free cash flow of the enterprise , the political relations between the financing of convenience to enable enterprises to be more prone to over-investment , thereby enhancing business investment - cash flow sensitivity . Financial development also has an important impact on corporate investment behavior , regional political relations of the different levels of financial development is not the same impact on corporate investment behavior . The possibility of for enterprise financing constraints , the lower the level of financial development , the more obvious the improvement of political relations of financing constraints ; sufficient free cash flow of the enterprise , the lower the level of financial development , the political relations excessive investment the greater . From the point of view of the political relations to study business investment to provide new ideas and new evidence for the lack of investment and over-investment business investment theory , the transformation of government functions in the transition economies of China , the development of the financial system , and improve the market environment has an important practical significance.

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