涉海企业政治关联与政府补助、企业绩效关系的实证研究

发布时间：2018-05-13 03:22

本文选题：涉海企业 + 政治关联　；参考：《广东海洋大学》2017年硕士论文

【摘要】：我国处在经济转型期,各项制度不完善导致政治关联作为一种非正式制度受到企业的青睐。企业政治关联现象在我国普遍存在,政治关联对企业价值的影响成为学术界关注的热点。作为我国经济发展的重要战略,促进海洋经济快速发展日渐重要。在此大趋势下,涉海企业的作用日益显著,逐渐成为推动海洋经济发展的主要因素。而涉海企业由于其存在巨额投资的高风险性和对公共海洋资源的高依赖性,涉海企业对构建政治关联的欲望比一般企业更为强烈,这是因为政治关联可能会影响其绩效。研究政治关联与涉海企业的政府补助及企业绩效的关系能为我国涉海企业制定企业战略,促进海洋产业发展起到一定借鉴作用。本文以社会资本论、父爱理论、寻租理论、政府目标理论等为基础,分析政治关联影响企业绩效的内在机制。关于政治关联对企业的影响,根据社会资本理论与寻租理论,政治关联有可能使企业更容易获取一些有利于企业发展的资源,如银行贷款、政府补助、税收优惠等;但企业会因此付出一定的寻租成本。寻租成本与因此而获得的收益之间的关系决定着政治关联是否对企业绩效产生正面作用。梳理总结以往对这个问题的研究成果,发现学者对于政治关联对企业的影响的观点并不一致,也没有针对涉海产业类的研究。根据理论分析提出两个合理的研究假设,以我国2010—2015年涉海上市公司的高管相关资料与公司财务数据与政府补助数据为样本进行实证分析,验证政治关联、政府补助、与企业绩效的关系。最后根据理论分析与实证结果,给出相应的政策建议。实证结果显示,涉海企业整体政治关联度高于一般企业,并呈现出上升趋势;涉海企业政治关联与政府补助无明显关系;政治关联度与涉海企业绩效呈倒U形关系,即在一定范围内的政治关联可以提高企业绩效,但过高的政治关联度会成为公司发展的负担;国有涉海企业与民营涉海企业政治关联的效果差别大;国有企业占据垄断地位,行业准入门槛高,但国有涉海公司因过高的政治关联负担沉重。政策建议是,发挥政府的引导作用,完善监督机制,建立健全信息披露机制,对政府和企业间的寻租行为进行合理控制,完善制度环境建设,继续推进市场化改革,为涉海企业营造良好的外部环境,为海洋产业发展设立专项基金,引入民间资本,作为企业要努力通过生产性行为获得市场上的竞争优势。本文提供了新的研究视角,也为涉海企业以及整个海洋经济的发展提供意见参考。
[Abstract]:Our country is in the economic transition period, each system is imperfect, the political connection is favored by the enterprise as an informal institution. The phenomenon of corporate political association exists generally in our country, and the influence of political association on enterprise value has become a hot spot in academic circles. As an important strategy of China's economic development, it is increasingly important to promote the rapid development of marine economy. In this trend, the role of sea-related enterprises has become increasingly prominent, gradually becoming the main factor to promote the development of marine economy. Because of the high risk of huge investment and the high dependence on public marine resources, the enterprises involved in the sea have a stronger desire to establish political connections than other enterprises, because political association may affect their performance. The study of the relationship between the political connection and the government subsidy and the performance of the enterprises involved in the sea can serve as a reference for the Chinese enterprises involved in the sea to formulate the enterprise strategy and promote the development of the marine industry. Based on the theories of social capital, fatherly love, rent-seeking and government goal, this paper analyzes the internal mechanism of the influence of political connection on enterprise performance. According to the theory of social capital and rent-seeking, political association may make it easier for enterprises to obtain some favorable resources, such as bank loans, government subsidies, tax concessions and so on. But the enterprise can pay certain rent-seeking cost accordingly. The relationship between the rent-seeking cost and the resulting income determines whether the political connection has a positive effect on the firm's performance. Combing and summarizing the previous research results on this issue, it is found that scholars' views on the impact of political association on enterprises are not consistent, and there is no research on the industry category related to the sea. According to the theoretical analysis, two reasonable research hypotheses are put forward. The empirical analysis is based on the relevant data of senior executives, financial data and government subsidy data of listed companies in China from 2010 to 2015, to verify the political connection and government subsidy. Relationship with corporate performance. Finally, according to the theoretical analysis and empirical results, the corresponding policy recommendations are given. The empirical results show that the overall degree of political correlation of enterprises involved in sea is higher than that of ordinary enterprises, and shows an upward trend; there is no obvious relationship between political connections of enterprises involved in sea and government subsidies; the degree of political correlation is inversely U-shaped relationship with the performance of enterprises involved in sea. That is, within a certain range of political connections can improve the performance of enterprises, but too high the degree of political correlation will become a burden for the development of companies; state-owned enterprises and private enterprises involved in sea enterprises have a large difference in the effect of political connections; state-owned enterprises occupy a monopoly position. Industry entry threshold is high, but the state-owned sea-related companies because of excessive political ties heavy burden. The policy recommendations are to give full play to the guiding role of the government, to improve the supervision mechanism, to establish and improve the information disclosure mechanism, to exercise reasonable control over rent-seeking behavior between the government and enterprises, to improve the institutional environment, and to continue to promote market-oriented reform. To create a good external environment for the enterprises involved in the sea, to set up a special fund for the development of marine industry, to introduce private capital, as an enterprise to strive to gain the competitive advantage in the market through productive behavior. This paper provides a new perspective for the development of sea-related enterprises and the whole marine economy.
【学位授予单位】：广东海洋大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：P74

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