我国民营上市公司政治关联与过度投资相关性研究

发布时间：2018-04-11 02:33

本文选题：政治关联 + 过度投资水平　；参考：《西北大学》2017年硕士论文

【摘要】：在转型经济的制度背景下,政治关联作为非制度因素的一种补充机制,是影响企业过度投资的重要因素。在我国,政府对社会稀缺资源的干预能力很强,显著影响企业经营活动。与国有企业不同,民营企业的发展受众多因素限制,迫切需要与政府保持密切联系以改善外部资源环境。本文选取2013-2015年沪、深A股的民营上市公司为初始样本,从政治关联存在性、政治关联程度及强度和政治关联类型三个层次构建政治关联体系,分析我国民营上市公司政治关联与过度投资之间的相关性,得到以下结论:(1)政治关联的确会引发我国民营企业过度投资,促使其过度投资水平更高;(2)进一步地,政治关联程度显著促进民营企业过度投资问题更加严重,民营企业过度投资水平会随着政治关联程度的提高而上升;(3)政治关联强度并不会加重民营企业过度投资,二者呈不显著的正相关关系,即民营企业过度投资水平不会随着政治关联强度的增强而升高;(4)对政治关联类型作进一步区分后的结果表明,独立董事型政治关联并没有发挥治理效应,反而促进民营企业过度投资,但这种效果并不显著。即独立董事型政治关联并不会抑制民营企业过度投资;(5)其他高管型政治关联会加重民营企业过度投资,二者呈现显著的正相关关系。即民营企业过度投资问题会随着其他高管政治关联的建立而更加严重。
[Abstract]:Under the institutional background of the transition economy, political association, as a supplementary mechanism of non-institutional factors, is an important factor affecting the overinvestment of enterprises.In China, the government's ability to intervene in social scarce resources is very strong, significantly affecting business activities.Different from the state-owned enterprises, the development of private enterprises is restricted by many factors, so it is urgent to maintain close contact with the government to improve the external resource environment.This paper selects the private listed companies of Shanghai and Shenzhen A shares from 2013-2015 as the initial sample to construct the political association system from three levels: the existence of political association, the degree and intensity of political association and the type of political association.By analyzing the correlation between political association and overinvestment of private listed companies in China, the following conclusions are drawn: 1) political association will indeed lead to excessive investment of private enterprises in China, and promote the level of over-investment in private enterprises to a higher level.The degree of political connection significantly promotes the problem of excessive investment of private enterprises, and the level of excessive investment of private enterprises will rise with the increase of the degree of political connection) the intensity of political connection will not aggravate the excessive investment of private enterprises.There is no significant positive correlation between the two, that is, the level of excessive investment in private enterprises will not increase with the increase of the intensity of political association.The political relation of independent director does not exert the governance effect, on the contrary, it promotes the private enterprise to invest excessively, but this kind of effect is not remarkable.That is, independent director-type political association does not restrain private enterprise overinvestment. Other top-level political association will aggravate private enterprise overinvestment, and there is a significant positive correlation between them.That is, the problem of excessive investment in private enterprises will become more serious with the establishment of political connections among other senior executives.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.5;D0;F275

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