寻租与企业绩效:“绊脚石”还是“润滑剂”

发布时间：2018-05-01 04:28

本文选题：寻租 + 企业绩效　；参考：《财贸经济》2017年01期

【摘要】：本文首先以中共中央"八项规定"出台为天然的实验平台,研究了不同产权性质下寻租与企业绩效之间的因果关系。实证研究发现,针对民营企业,投资者对"八项规定"的出台做出了负面市场反应,而针对国有企业,投资者对"八项规定"的出台做出了正面市场反应,并且上述市场反应均在高寻租企业中更为明显。这说明,民营企业的寻租活动发挥了"润滑剂"功能,有助于企业绩效的提高,而国有企业的寻租行为则主要体现出"绊脚石"的逻辑,不利于企业绩效的提高。进一步,以政府补贴为切入点,对不同产权性质下寻租与企业绩效之间的作用机理进行了系统研究。本文的实证研究发现,无论是国有企业还是民营企业,寻租活动均有助于获得更多政府补贴。民营企业通过寻租获得的政府补贴对企业绩效具有一定的促进作用;而国有企业通过寻租获得的政府补贴不利于企业绩效的提高。这是因为民营企业通过寻租获得的政府补贴可以弥补资源的短缺,起到缓解融资约束的作用;而国有企业通过寻租获得的政府补贴将进一步造成资源冗余,引发过度投资。
[Abstract]:This paper first studies the causal relationship between rent-seeking and enterprise performance under different property rights on the basis of the "eight regulations" issued by the CPC Central Committee as a natural experimental platform. The empirical study found that for private enterprises, investors made a negative market reaction to the introduction of the "eight regulations", while for state-owned enterprises, investors made a positive market reaction to the introduction of the "eight regulations." And the above-mentioned market response is more obvious in high-rent-seeking enterprises. This shows that the rent-seeking activities of private enterprises play a "lubricant" function and contribute to the improvement of enterprise performance, while the rent-seeking behavior of state-owned enterprises mainly reflects the logic of "stumbling block", which is not conducive to the improvement of enterprise performance. Furthermore, the mechanism between rent-seeking and enterprise performance under different property rights is systematically studied with government subsidies as the starting point. The empirical study of this paper finds that rent-seeking activities help to obtain more government subsidies, whether state-owned enterprises or private enterprises. The government subsidies obtained by private enterprises through rent-seeking play a certain role in promoting the performance of enterprises, while the government subsidies obtained by state-owned enterprises through rent-seeking are not conducive to the improvement of enterprise performance. This is because the government subsidies obtained by private enterprises through rent-seeking can make up for the shortage of resources and ease the financing constraints, while the government subsidies obtained by state-owned enterprises through rent-seeking will further lead to resource redundancy and lead to excessive investment.
【作者单位】：暨南大学管理学院;中国海洋大学管理学院、中国混合所有制与资本管理研究院;南京大学商学院博士后流动站;
【基金】：国家自然科学基金“媒体报道、媒体偏误与财务丑闻治理”(71372168) 中央高校基本科研业务费专项资金(暨南启明星计划)“媒体报道、媒体偏误与财务丑闻治理”(15JNQM011) 暨南大学企业发展研究所重大项目“企业转型中的战略成本管理研究”(2014ZD001)
【分类号】：F275;F276.5;F812.45

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