中文摘要：

选取我国2009~2012年沪深两市共528家亏损上市公司为研究样本,检验了政治关联、资本结构与亏损逆转程度之间的关系。研究发现：我国亏损企业的资产负债率与亏损逆转程度正相关;政治关联发挥了债务治理效应,增强了资本结构与亏损逆转程度之间的敏感性。进一步区分政治关联的强度和类别后发现：政治关联越强,其发挥的债务治理效应越大;同时,政治关联的债务治理作用主要来自地方关联,中央政治关联的债务治理影响较小。

英文摘要：

This paper examines the relationships among political association,capital structure and the extent of the loss reversal based on 528 loss samples in the Shanghai and Shenzhen Stock Exchange from 2009 to 2012. Results show that,firstly,debt financing of Chinese loss companies in general plays a positive role in debt management,asset-liability ratio was positively correlated with the degree of loss reversal. Secondly,political connection plays a positive effect of debt governance and increases the sensitivity of capital structure and loss reversal degree. Thirdly,after further distinguishing the political connection strength and category,it finds out that the stronger the political connection strength is,the greater the effect of debt governance is. At the same time,the debt governance effect mainly comes from the local association other than the central association.