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Private Control,Political Relationship and Financing Constrain of Private Listed Enterprises

LUO Danglun ZHEN Liming  
The financing problem is the key factor for the development of the private enterprises.The paper builds up a theoretical model to demonstrate the effect of political relation in the financing of private enterprises. Based on the sample of Chinese private enterprises listed from 2002 to 2005,the authors examine the effect of political relation in their financing process.The empirical results show that the private enterprises with some pelitical relation have less financing constraints in their external financing comparing with those private enterprises with no political relation.At the same time,in the region whose local financial system is less developed,the political relation is more helpful.
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