This thesis studying on financial constraints of China’s listed companies, andthe influence of political relation, bank-enterprise relation for the degree of financialconstraints, has great significance. In the aspect of enterprises, studying the issue, onthe one hand could help enterprises realize their financial constraints situation anddevelop reasonable financing strategies under this situation in order to support theirhealthy development. On the other hand, it provides theoretical basis for enterprisesreducing financial constraints by building political relation, bank-enterprise relation.In the state and society perspective, deep understanding of the situation of China’slisted companies financial constraints, and the impact of political relation,bank-enterprise relation for financial constraints can provide guidance for nationalmacroeconomic control and policy making.This thesis bases on previous researches, in cash-cash flow sensitivity basicmodel, cash-cash flow sensitivity correction model, and cash-cash flow sensitivityextended basic model, adding proxy variable of political relation, bank-enterpriserelation, then constructs three cash-cash flow sensitivity models in the basis ofpolitical relation, bank-enterprise relation, to study effects of the two relationships forthe degree of financial constraints of China’s listed companies. In this research, it isalso concerned about the degree of difference of financial constraints under thecircumstance of different market environment, macroeconomic environment, natureof property rights and dual differentiation environment(i.e. differentiated marketenvironment and macroeconomic environment, differentiated market environmentand nature of property rights, differentiated macroeconomic environment and natureof property rights), as well as the different influence of political relation,bank-enterprise relation for various categories of enterprises. The research shows thefollowing results, overall, there are obvious financial constraints in china’s listedcompanies, and enterprises can reduce financial constraints by building politicalrelation, bank-enterprise relation. However, under different market environment, macroeconomic environment and nature of property rights, financial constraints ofChina’s listed companies are different, and even more obvious under dueldifferentiation environment. Meanwhile, the degree of influence of political relation,bank-enterprise relation for various categories of enterprises are different. Generallyspeaking, in high degree financial constraint enterprises, political relation,bank-enterprise relation can make more contribution in reducing financial constraint,while some special situation exist, such as enterprises in area comparatively lowmarketization degree with a comparatively high degree of financial constraint, butpolitical relation make less contribution than in area with high marketization degree.The main innovative points of this thesis are the following: Firstly, takeadvantage of the cash flow sensitivity of cash model to study the influence of politicalrelation and bank-enterprise relation for enterprises financial constraintssimultaneously. It has been found out that both political relation and bank-enterpriserelation can release the enterprise financial constraint, and the degree of enterprisefinancial constraint released by political relation can be illustrated directly andindirectly. Secondly, further research discovers that the degree of enterprises financialconstraints are various under the circumstance of different market environment,macroeconomic environment, nature of property rights and dual differentiationenvironment, as well as the different influence of political relation andbank-enterprise relation for different types of enterprises. Generally speaking,enterprises with high degree of financial constraints are released by political relationand bank-enterprise relation more obviously. Thirdly, from empirical analysis onvarious types of enterprises the thesis has been found that political relation andbank-enterprise relation can release financial constraints for most enterprises, exceptsome particular enterprises and even increase financial constraints for these particularenterprises. Therefore, different enterprises should develop different types ofstrategies to release financial constraints according to their own characteristics. |