政治关系、控股股东利益输送与民营企业绩效

发布时间：2019-03-14 12:44

【摘要】：本文以2001-2005年直接IPO上市的A股民营上市公司样本为研究对象,研究政治关系对控股股东利益输送和公司绩效的影响。研究结果发现,政治关系公司控股股东的利益输送程度高于非政治关系公司,而且这种效应在金融发展落后的区域更加明显,总体而言,政治关系对公司绩效的影响较弱。在不存在控股股东资金占用的情况下,政治关系能改善企业绩效;但是,在控股股东资金占用的情况下,政治关系对公司绩效的影响不显著。上述研究结果表明,民营上市公司建立政治关系不仅出于政治资本投资的需要,而且是控股股东利益输送的需要。本文的政策含义是:大力推进我国银行市场化改革,减轻政府官员对银行信贷决策的影响,以改善民营企业的治理结构,促进我国金融市场发展和经济增长。
[Abstract]:Taking the sample of A-share private listed companies listed directly in IPO from 2001 to 2005 as the object of study, this paper studies the influence of political relations on the transfer of interests and corporate performance of controlling shareholders. The results show that the interest transfer degree of the controlling shareholders of the political relations company is higher than that of the non-political relation companies, and this effect is more obvious in the region where the financial development is backward. Generally speaking, the influence of the political relationship on the corporate performance is weak. In the absence of capital occupation of controlling shareholders, political relationship can improve corporate performance, but in the case of capital occupation of controlling shareholders, the influence of political relationship on corporate performance is not significant. The above results show that the establishment of political relationship between private listed companies is not only due to the need of political capital investment, but also to the transfer of the interests of controlling shareholders. The policy implication of this paper is as follows: vigorously promote the reform of bank marketization in our country, lighten the influence of government officials on bank credit decision, in order to improve the governance structure of private enterprises and promote the development of financial market and economic growth in China.
【作者单位】：武汉大学经济与管理学院;
【基金】：国家自然科学基金项目(70902052) 教育部人文社会科学基金项目(09YJC630179)资助
【分类号】：F224;F276.5;F832.51

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