政治关联对房地产民营上市企业经济后果影响研究

发布时间：2018-03-16 15:13

本文选题：政治关联　切入点：房地产行业　出处：《南京理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着中国经济的腾飞,中国的民营经济也在不断的发展壮大,民营企业家们以引领新一代经济的决心出现在人们面前。随着民营企业市场地位的不断提高,许多优秀的企业家被评以"中国十大企业家"等称号,但是对于他们而言,更高的肯定是被人民推举成为人大代表或政协委员,适当参政。而一些关键人物没有"代表委员"头衔加身的民营企业,为了保持竞争优势,也纷纷吸纳前政府官员以各种身份加入企业。此外,还有一些弃官从商的现象时有发生,导致政治关联成为一种常态出现在人们面前。对于热门的经济现象,常常会吸引学术界的关注和讨论。在这种背景之下,政治关联作为一种非正式替代机制应运而生。资源依赖理论从政企关系"扶持之手"的角度,很好的解释了这种现象的背后动因:企业为了寻求生存和发展所需的必备资源,通过与政府建立政治关联,绕开不完善市场中的正式途径,获取融资便利、行业准入、政府补贴、税收优等方面稀缺资源。然而一些现象也让我们意识到政治关联的存在,也会给企业在慈善捐赠、雇员薪酬成本、创造就业岗位以解决就业问题等方面增加相应的成本,发挥着"掠夺之手"的作用。本文基于资源依赖理论、寻租理论和政治成本理论,并在充分阅读相关文献的基础上,选择以企业高管层(包括董事会成员和高级管理人员)是否具有政协委员、人大代表或政府官员背景为标准,判断企业是否具有政治关联。在理论推导的基础上,本文将视角投向整个房地产民营上市企业,希望了解政治关联对整个房地产民营上市群体的影响。通过选择2011-2015年沪深上市的房地产民营公司为研究样本,从样本整体看出:政治关联给公司在政府补贴、债务融资等方面带来好处,而在雇员规模及雇员薪酬成本、慈善捐款方面给公司带来额外负担,最后选择综合绩效度量公司财务绩效时发现,政治关联有利于公司绩效的提升。在对房地产民营上市企业整个群体研究的基础上,从其中选取具有可比性的政治关联YH公司和非政治关联LJ公司进行案例对比研究。希望能从更为微观的层面,了解政治关联的作用机制。案例分析过程中,着重关注政治关联会给YH公司和LJ公司带来哪些方面差异,最终如何影响到公司绩效。并就案例对比得出的结论与前文总体研究结论进行对比。发现除了有关雇员规模及雇员薪酬成本的结果与总体研究的结果有所出入外,其他结论具有共性,表明虽然从行业总体能得出较为一致的结论,但是政治关联对具体企业的作用程度,也会随着企业不同而不同。
[Abstract]:With the rapid development of China's economy, China's private economy is also growing. Private entrepreneurs appear in front of people with the determination to lead a new generation of economy. Many outstanding entrepreneurs have been appraised as "top ten entrepreneurs in China," but for them, it is more certain that they will be elected by the people as deputies to the National people's Congress or members of the Chinese people's political Consultative Conference. Proper participation in politics. And some key figures who do not have the title of "representative committee" added to the private enterprises, in order to maintain their competitive advantage, have also absorbed former government officials to join the enterprises in various capacities. In addition, In this context, political connections have become the norm. For popular economic phenomena, they often attract the attention and discussion of the academic community. The theory of resource dependence, from the angle of "supporting hand" of the relationship between government and enterprise, well explains the motive behind this phenomenon: enterprises need necessary resources for survival and development. By establishing political connections with the government, bypassing the formal channels in the imperfect market, gaining access to finance, industry access, government subsidies, tax incentives, and so on, some phenomena also make us aware of the existence of political connections. It will also increase the corresponding cost to enterprises in the aspects of charitable donation, employee salary cost, job creation to solve the employment problem, and play the role of "hand of plunder". This paper is based on the theory of resource dependence. Based on the theory of rent-seeking and the theory of political cost, and on the basis of a thorough reading of the relevant literature, the criteria are whether the executives (including board members and senior managers) have the background of CPPCC members, NPC deputies or government officials. On the basis of theoretical derivation, this paper puts the angle of view to the whole private listed real estate enterprises. By selecting the private real estate companies listed in Shanghai and Shenzhen from 2011-2015 as the research sample, we can see from the sample as a whole: political association gives companies subsidies in the government. Debt financing and other benefits, but in terms of employee size and employee compensation costs, charitable contributions to the company additional burden, the final choice of comprehensive performance measurement of the company's financial performance found, On the basis of the research on the whole group of private listed enterprises in real estate, A comparative case study between YH Company and LJ Company, which has a comparable political connection, is selected. It is hoped that we can understand the mechanism of political association from a more micro level. Focus on the differences between YH and LJ in terms of political connections, Finally, how to affect the performance of the company. The conclusion of the case comparison is compared with the conclusion of the previous overall study. It is found that the results on the size of employees and the salary cost of employees are different from the results of the overall study. Other conclusions have the common character, which indicates that although the conclusion can be drawn from the industry as a whole, the effect of political connection on the specific enterprise will also vary with the enterprise.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D630;F299.233.42

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