中文摘要：

本文选取上交所、深交所A股上市公司2006-2010年经验数据为研究样本,用实证研究方法探究在不同货币政策环境下政治关系对企业债务结构的影响程度差异。结果表明,具有政治关系的公司即使在紧缩的货币政策环境下也具有更强的融资能力,企业债务结构中银行借款的比率更高,本研究对揭示不同货币政策条件是否对政治关系与企业债务结构作用效果产生影响具有重要意义。

英文摘要：

Existing domestic studies on the influence of political rela- tions on corporate debt financing show that political relations as im- plicit guarantee affect the corporate debt financing. At the same time, because enterprise is the financing demand-side, its debt structure is affected by bank credit. But the cost and size of bank credit are af- fected by macro-monetary policy. The previous studies on the influ- ence of political relations on corporate debt financing did not focus on the different monetary policies. When the tightening of monetary policy happens, if the influence of political relations on corporate debt financing is still exists. And when the influence is exists, whether there are differences between the monetary policy easing and tighten- ing？ This paper takes in-depth study. Take private enterprises listed in China＇s A-share before 2006 as samples, this paper collects experience data from year 2006 to year 2010 by RESSET financial data, and col- lects the political background of chairman and general managers of the listed companies manually. Empirical research methods are used to study the different influence degree of political relations on cor- porate debt structure in different monetary policy environment. The results show that the variables to measure the political relations have significantly influence on enterprise long-term loans ratio, and the en- terprises with the political relations are more likely to get the support of the long-term bank credit than the enterprises without the political relations. The monetary policy is tighter, the more enterprise difficult to obtain long-term loans, and the opposite is that the more relaxed monetary policy, the more enterprise to get long-term loans, and the debt maturity structure is more rationalized. Whatever the monetary policy is loose or tight, the enterprises with political relations may obtain bank credit support easily. With different monetary policy, the relations of political relations and long-term bank borrowings are stable. The inf