国有股权、政治关联与公司绩效——基于中国民营控股上市公司的实证研究

发布时间：2018-03-16 02:00

  本文选题：国有股权　切入点：企业家参政　出处：《管理评论》2017年04期 　论文类型：期刊论文

【摘要】：与以往研究将民营企业家参政作为重要的政治关联方式不同,本研究将民营企业中含有的国有股权视为一种重要的政治关联机制。本文以中国民营控股上市公司为样本,对国有股权在民营企业中的政治关联效应及作用机制进行了理论分析与实证检验。研究发现,民营企业中含有的国有股权能够像企业家参政一样,提高公司绩效,其作用机制在于,国有股权依靠其与政府的天然联系,为民营企业起到制度层面的声誉担保作用,能够帮助民营企业发展获取较多的经济资源与发展空间。同时,对于含有国有股权的民营企业,企业家参政对公司经济资源获取,以及绩效提升的影响程度会显著下降。这表明国有股权所带来的政治关联效应是建立在制度层面上,其作用应该超过表面层次上民营企业家参政的政治关联效应。本文的研究为进一步全面理解在中国经济转型时期混合所有制结构对民营企业的影响提供了一个新视角,并开拓了公司政治关联的研究领域。
[Abstract]:Different from previous studies, private entrepreneurs' participation in politics is regarded as an important way of political connection. In this study, the state-owned equity contained in private enterprises is regarded as an important political association mechanism. This paper makes a theoretical analysis and empirical test on the political relevance effect and mechanism of state-owned equity in private enterprises. It is found that the state-owned equity contained in private enterprises can improve corporate performance just as entrepreneurs participate in politics. The mechanism lies in the fact that the state-owned equity shares depend on their natural relationship with the government and play an institutional role in guaranteeing the reputation of private enterprises, which can help private enterprises to develop and obtain more economic resources and development space. For private enterprises with state-owned equity, the influence of entrepreneur participation in politics on the acquisition of economic resources and the improvement of performance will be significantly reduced, which indicates that the political correlation effect brought by state-owned equity is based on the institutional level. This paper provides a new perspective for further understanding the influence of mixed ownership structure on private enterprises in the period of economic transformation in China. And has opened up the company political connection research domain.
【作者单位】： 重庆大学经济与工商管理学院;西南财经大学金融学院;
【基金】：国家社会科学基金项目(14BGL047) 国家杰出青年基金项目(70525005)
【分类号】：F832.51;D0
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本文编号：1617802