Abstract: Which will win in the bank credit decision-making process, the formal system-internal control or the informal system-political connections? Few scholars can give a clear answer. Based on this new perspective, this paper chooses private companies listed on A-share in the years of 2012~2014 as research samples to study the combined effects of political connections and internal control deficiencies on credit constraints. The results show that the deficiencies in internal control will exacerbate the credit constraints, such as higher debt costs, fewer new loans and shorter loan period. But the political connections will block the influence of internal control deficiencies on credit constraints, especially in the aspect of new loans and loan period, and this shielding effect will vary with the strength of political connections.

Key words: Political Connections, Internal Control Deficiencies, Credit Constraints, Private Enterprises

摘要： 作为正式制度的内部控制与作为非正式制度的政治关系在影响银行信贷决策的过程中究竟谁胜谁负,很少有学者能给出明确的答案。本文基于这一新视角,以2012~2014年中国民营A股上市公司为研究对象,探讨政治关系和内部控制缺陷对信贷约束的联合作用机制。研究发现:内部控制缺陷会加剧企业的信贷约束,具体表现在更高的债务融资成本、更少的新增贷款以及更短的贷款期限;但是政治关系会屏蔽内部控制缺陷带来这种约束力,特别是在新增贷款和债务期限水平方面,且这种屏蔽效应会随着政治关系的强弱有所差别。

关键词: 政治关系, 内部控制缺陷, 信贷约束, 民营企业