政治关联、融资渠道与民营企业非效率投资研究

以九店《日书》抄录的各条占辞为主，与除睡虎地和放马滩以外再加上秦统一后的周家台秦简和西汉景帝期的孔家坡汉简等各篇《日书》进行比较分析，研讨楚、秦两地使用占卜的关系、占卜与地域性的问题等。认为：(1)九店《日书》全十三篇之中确实流传到西汉时代的占卜只有“往亡”一篇而已。　(2)九店“裁衣”前一半（简94）部分继承到睡虎地“衣”篇而没流传到西汉时代，但后一半的忌日（简95）流传情况不一样。(3)九店“占出入盗疾”是由在战国楚单独流行的四种占辞组成的占卜，秦统一后同一系统占卜或部分占辞仍然在楚故地流传一时。

Political Connections, Financing Channels and Inefficient Investment of Private Enterprises

In the paper, the effect of political connections on inefficient investment behavior of enterprises is explored from the aspects of free cash flow and bank loans, combining the data of private listed companies between 2007 and 2010. It is found that politically connected firms tend to use free cash flow and long term bank loans for over investment. This kinds of situation are more serious for these enterprises with local political connections, while things like overinvestment of long term bank loans are more frequently taken place in enterprises with central political connections. The results also show that political connections reduce their reliance on free cash flow and short term bank loans for these underinvestment enterprises. Investments of firms with central political connections are more sensitive to long term bank loans, however, that has not happened in firms with local political connections.