Abstract: This paper derivates the function mechanism of the banking connection influencing the firm value of Private Listed Companies. By building the empirical model of banking connection and firm value, with selected panel data of China’s listed companies from A shares between 2008 and 2012, we test and verify the model. We find: bank connections can help Private Listed Companies improve their firm value, which to be more significant in the region with low degree of marketization process.

摘要： 本文以我国2008-2012年民营上市公司为样本，研究了民营企业的银行关联对企业价值的影响。研究发现：银行关联作为企业的一种社会资本有助于提高民营上市公司的企业价值。相比市场化程度高的地区, 在市场化程度低的地区,银行关联更能够提高民营上市公司的企业价值。本文的研究为银行关联存在的合理性提供了新的证据，丰富了银行关联的经济后果及企业价值领域的文献，同时为切实解决我国民营企业在发展过程中遇到的问题提供了启示。