以2008--2011年沪深A股通过债务重组扭亏的上市公司为样本,对公司政治关联性与选择债务重组扭亏及投资效率的关系进行了分析。研究发现:政治关联促使亏损上市公司选择债务重组方式进行亏损扭转;债务重组利得对利润影响程度与公司是否政治关联显著相关;政治关联使得亏损扭转上市公司的非效率投资增加,但通过债务重组方式扭亏会使非效率投资得到一定程度的抑制。
This paper analyzes the relation among corporate political connection, debt restructuring for reversing losses and in- vestment efficiency based on the data from listed Chinese companies in Shanghai and Shenzhen Market from 2008 to 2011. Our findings including: the losing companies with political connection will choose debt restructuring for reversing losses, the extent of debt restructuring gains influencing profit is significantly affected by whether company itself is political connection, company size and the industry, the existence of political connection makes the inefficient investment improve and significantly decrease the in- vestment efficiency, while the way of debt restructuring to reverse losses will restrain inefficient investment to a certain extent.