政治资本在不同法制环境下对民营企业的经济影响——一项对民营上市公司的经验证据

发布时间：2018-03-09 17:07

本文选题：国有股权　切入点：政治关联　出处：《中央财经大学学报》2017年03期 　论文类型：期刊论文

【摘要】：在经济转型时期,由于计划经济思维的“惯性”,政府对某些垄断性行业仍进行高度的行政化管理,加之民营经济长期受到的所有制歧视,致使民营企业在进入这些行业的过程中会遇到较高的行政壁垒。与现有文献将民营企业家参政作为重要的政治关联方式不同,笔者将民营企业中含有的部分国有股权视为一种重要的政治关联机制,以民营控股上市公司2009—2014年的财务数据为研究对象,通过建立计量模型,实证检验了国有股权与法制环境对民营企业进入高壁垒行业的影响。研究结果表明,国有股权是一种比企业家政治参与更为有效的替代性机制。结合中国的现有国情,将企业所处地区的法制环境分成不同的类别,分组检验了国有股权在不同法制环境下的关联效果:在法制环境较好的地区,企业能够进入高壁垒行业,更多地基于其本身的质量;而在法制环境较差的地区,国有股权扮演了较重要的“角色”。上述研究结论将为政府部门进一步深化经济体制改革进行顶层设计提供理论与政策方面的参考依据。
[Abstract]:In the period of economic transformation, due to the "inertia" of planned economy thinking, the government still carries out highly administrative management of certain monopoly industries, and the private economy has been subjected to the system of ownership discrimination for a long time. As a result, private enterprises will encounter higher administrative barriers in the process of entering these industries, which is different from the existing literature regarding private entrepreneurs' participation in politics as an important way of political connection. The author regards some state-owned shares contained in private enterprises as an important political connection mechanism, taking the financial data of private holding listed companies from 2009-2014 as the research object, and establishes the measurement model. This paper empirically examines the influence of state-owned equity and legal environment on the entry of private enterprises into high-barrier industries. The results show that state-owned equity is a more effective alternative mechanism than entrepreneur's political participation. The legal environment of the region in which the enterprise is located is divided into different categories, and the correlation effect of state-owned equity in different legal environment is tested: in the region with better legal environment, the enterprise can enter the high-barrier industry. More based on its own quality; and in areas where the legal environment is poor, State-owned equity plays an important "role". The above conclusions will provide theoretical and policy references for government departments to further deepen economic system reform and carry out top-level design.
【作者单位】：重庆大学经济与工商管理学院;
【分类号】：F832.4

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