Research On The Influence Of Executive Bank Background Connections On The Growth Of Private Listed Company

It is a generally consensus of difficult financing for private companys, although the country give policy support in all aspects, due to the small scale, the future development of uncertainty, greater risk and the shortage of resources, the private companys, especially the small and medium-sized private companys in the allocation of resources has been at a disadvantage and subject to bank credit discrimination resulting in loan difficult. But the fact is that the development of private companys has not been much hindered, The deep reason is that there is a substitution mechanism of informal in terms of financing, executives bank background connections is one kind of them.Based on research of predecessor, this thesis base on asymmetric information theory, credit rationing theory and new capital structure theory, further to explore whether executives bank background connections can ease through the private company financing difficult problem to impact the company growth, As well as the impact of how and so on.Combined with theory and practice, the thesis expand the research content about "relationship lending", not only research the impact of research executives on corporate lending behavior to make a certain contribution, but also enrich the research field of connection between banks and companys.This paper selects 2005- 2014 A-share listed private companys, after excluding financial sector companies and missing data samples, use multiple linear regression model as the basic model, make executives bank background connections and the relationship between growth as the main line, combine the company scale, monetary policy and financial market factors, investigate the relationship between the two different groups.Through empirical research, this paper draws the following conclusions:(1) the executives bank background connections can enhance the capacity of companys growth, private companys with executives bank background connections grow stronger than no this connection.(2) In small scale companys, executives bank background connections to improve the role of firm’s growth capabilities was significantly higher than that of large-scale companys;(3) in a period of monetary tightening, executives bank background connections to improve the role of firm’s growth capabilities was significantly higher than that of monetary easing period.(4) In the low level of financial market area, executives bank background connections for improving the growth ability of company association effect was significantly higher than that in areas with a high degree of financial market.At the end of this paper, Author give some suggestions on how to alleviate the financing problem between the government and companys and put forward the deficiencies of this paper.