中文摘要：

基于动态面板GMM模型研究政治关联对高新技术企业融资约束的影响及其作用机制,发现具有政治关系的高新技术企业面临更少的融资约束;相对于大规模企业、国有企业、宽松货币政策时期、政府干预较弱以及金融发展程度较高地区的高新技术企业,小规模企业、民营控股企业、紧缩货币政策时期、政府干预较强以及金融发展程度落后地区的高新技术企业建立政治关联所带来的融资约束缓解效应更为显著;进一步分析发现,政治关联主要通过降低信贷市场信息不对称以及获取政府补贴、银行贷款、权益融资等稀缺资源两种机制来缓解高新技术企业面临的融资约束。

英文摘要：

Based on the dynamic panel GMM model, this paper studies the impacts of political connections on the financing constraints of high-tech enterprises and its action mechanism. The find- ings show that the high-tech enterprises with political connections are faced with fewer financing con- straints. Compared with large-scale enterprises, state-owned enterprises, loose monetary policy periods, and the high-tech enterprises located at areas with weaker government intervention and higher degree of financial development, the financing constraint alleviating effect brought about by establishing polit- ical connections is more significant for small-scale enterprises, private holding enterprises, the tight monetary policy periods, and the high-tech enterprises located at the areas with stronger government intervention and lower degree of financial development. Further analysis finds that political connections could alleviate the financial constraints faced by high-tech enterprises mainly through the two mecha- nisms： i.e., to reduce the information asymmetry in the credit market and to obtain more scarce re- sources, such as government subsidies, bank loans and equity financing.