政治联系对中小板企业价值的影响研究

发布时间：2018-07-12 07:59

本文选题：政治联系 + 企业价值　；参考：《中国海洋大学》2012年硕士论文

【摘要】：近年来，，公司财务学的研究出现了一种新的动向，不少研究者开始把政治联系引入公司财务学从而拓宽了其研究领域，取得了大量的关于公司财务与政治联系的交叉研究成果，这些结果表明无论是在发达国家还是新兴市场国家，企业的政治联系是广泛存在的。在我国，传统文化中“人治”、“变通”的思想根植于人们思想深处，两千多年的中央集权统治更是使“商人阶层始终不能摆脱对官场的依赖”，因此政治联系方面的研究在我国具有天然土壤。相比于大型企业，中小企业更值得关注。原因就在于改革开放以来虽然中小企业一直是我国经济发展的主体及最有活力的部分，但在较长时期内却一直存在着与其经济地位不相称的约束：中小企业的发展一直受到融资、准入限制等条件的约束，缺乏政治“名分”，进而严重阻碍了它的发展。因此，在我国，中小企业尤其具有通过建立政治联系这种“非制度保护”来增加企业价值的强烈冲动。所以，研究这种动机对中小企业价值的影响具有重要的现实意义。本文首先对国内外关于政治联系影响企业价值的研究现状进行了综述，并界定了本文政治联系的研究范畴，分析了政治联系影响企业价值的机制，最后，在上述分析的基础上，以2007年-2010年深圳证券交易所所有中小板上市公司为样本，实证分析了政治联系及其两个组成部分—国有股权和政治关联—对中小板企业价值的影响。研究结果显示，整体上企业是否具有政治联系（Con）与中小板上市公司托宾Q值之间存在负相关的关系。从组成部分上来看，是否是国有股权（Gov）与中小上市板公司托宾Q值之间存在显著负相关的关系；企业主动建立起来的政治关联（Pol）与中小板上市公司托宾Q值之间存在显著的正相关的关系。也就是说，过度的政府干预会损害企业价值，而中小企业主动寻求的“政治保护”却能够有助于企业价值的提升。本文还验证了金融危机前后政治联系是否可以帮助企业渡过难关。分组的结果显示：在托宾Q值正向变化的组别中，政治联系与其价值正向变化率显著正相关；而在托宾Q值负向变化的组别中，政治联系与其价值负向变化率显著负相关。而出现这种结果的唯一可能的合理解释，就是金融危机爆发后中央出台的四万亿经济振兴计划投资使得政府掌握了更多的资源，具有政治联系的中小企业便具有了更多的资源来度过金融危机。
[Abstract]:In recent years, there has been a new trend in the research of corporate finance. Many researchers began to introduce political ties into corporate finance and broaden their research fields, and obtained a large number of cross-research results on corporate finance and political relations. These results suggest that corporate political ties are widespread in both developed and emerging markets. In our country, the thoughts of "rule by man" and "flexibility" in traditional culture are rooted in people's minds, and the centralization of power for more than two thousand years has made "the merchant class always unable to get rid of its dependence on officialdom". Therefore, the study of political ties in China has a natural soil. Compared with large enterprises, small and medium-sized enterprises are more worthy of attention. The reason is that although small and medium-sized enterprises have been the main body and the most dynamic part of China's economic development since the reform and opening up, However, in a long period of time, there are always constraints which are not commensurate with their economic status: the development of small and medium-sized enterprises has been restricted by financing, access restrictions and other conditions, the lack of political "reputation", and then seriously hindered its development. Therefore, in our country, the small and medium-sized enterprises have the strong impulse to increase the enterprise value by establishing the political connection, this kind of "non-system protection". Therefore, it is of great practical significance to study the influence of this kind of motivation on the value of small and medium enterprises. Firstly, this paper summarizes the current situation of the research on the influence of political connection on enterprise value at home and abroad, and defines the research scope of political connection in this paper, and analyzes the mechanism of the influence of political connection on enterprise value. Finally, on the basis of the above analysis, Taking all the small and medium board listed companies of Shenzhen Stock Exchange from 2007 to 2010 as samples, this paper empirically analyzes the influence of political connection and its two components-state-owned equity and political connection-on the value of small and medium-sized board enterprises. The results show that there is a negative correlation between corporate political relationship (Con) and Tobin Q value. In terms of components, there is a significant negative correlation between Gov and Tobin Q of small and medium-sized listed board companies. There is a significant positive correlation between Pol and Tobin Q value. That is to say, excessive government intervention will damage the enterprise value, while the "political protection" sought by the small and medium-sized enterprises can help to enhance the enterprise value. This paper also verifies whether the political ties before and after the financial crisis can help enterprises tide over the difficulties. The results show that in the group with positive change of Tobin Q value, there is a significant positive correlation between the political relation and the positive change rate of value, while in the group with negative change of Tobin Q value, there is a significant negative correlation between the political connection and the rate of negative change of value. And the only possible reasonable explanation for this result is that the 4 trillion economic revitalization plan launched by the central government after the outbreak of the financial crisis has given the government more resources. Politically connected SMEs have more resources to weather the financial crisis.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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