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姚德权，郑威涛 （湖南大学 工商管理学院湖南 长沙410082） 
中文关键词:政治关联  自由现金流  银行贷款  非效率投资
Political Connections, Financing Channels and Inefficient Investment of Private Enterprises
Abstract:In the paper, the effect of political connections on inefficient investment behavior of enterprises is explored from the aspects of free cash flow and bank loans, combining the data of private listed companies between 2007 and 2010. It is found that politically connected firms tend to use free cash flow and long term bank loans for over investment. This kinds of situation are more serious for these enterprises with local political connections, while things like overinvestment of long term bank loans are more frequently taken place in enterprises with central political connections. The results also show that political connections reduce their reliance on free cash flow and short term bank loans for these underinvestment enterprises. Investments of firms with central political connections are more sensitive to long term bank loans, however, that has not happened in firms with local political connections.
keywords:Political connection  Free cash flow  Bank load  Inefficient investment