关键词: 政治关联 , 金融生态环境 , 企业融资 , 声誉替代效应

Abstract:

Based on listed companies from 2006 to 2013 in Shandong province of 858 samples, this paper examined the relationship between the political association and the corporate financing when the financial ecological environment index was on different level. The results showed that: (1) the financial ecological environment development level and their subordinate dimensions were both do help to alleviate the pressure of the corporate finance; (2) there was a “reputation substitution effect” between the financial ecological environment and the political association, when the financial ecological environment index reached a critical value, the enterprise who established a link to government would do more harm than good. This paper had a certain reference of policy significance for speeding up the development of private economy and the construction of regional financial center at present stage in China.

Key words: political association , financial ecological environment , corporate finance , reputation substitution effect