Political Connection and Overcapacity of Private Enterprise: the MediatingEffect of Acquiring Credit Resources

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Abstract Using as samples the data of A-share private listed enterprises in Shanghai and Shenzhen Stock Exchanges in China from 2008 to 2015, this paper calculates the capacity utilization of enterprises through DEA and measures the extent of overcapacity. The paper empirically examines whether political connection leads to overcapacity of private enterprise through the scale of credit resource. The results show that in enterprises that have strong political connection, more credit resources are obtained and the overcapacity is worse. The scale of credit resources plays a mediating role in the relationship between political connection and overcapacity. Meanwhile, the improvement of the institutional environment has weakened the financing function of political connection and the impact of the credit resources scale on overcapacity, which reduces the impact of political connection on overcapacity.

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	LIU Jian-Yong
	WANG Jing-Jing

Key words： Self-Concept Consumer Entitlement Relationship Investment Customer Gratitude Relationship Performance Capacity Utilization Political Connection Credit Resources Scale Institutional Environment Capacity Utilization Political Connection Credit Resources Scale Institutional Environment

Received: 2017-09-03

ZTFLH:	F26
	F276.5