政治关联与上市民营企业绩效的实证分析
发布时间：2018-08-11 17:14
【摘要】：Krueger(1974)首次提出了“政治关联普遍存在于企业中”的命题，给国内外学者的研究提供了一个新的视角，引出了对企业政治关联的研究。但是，对于政治关联对企业绩效产生正面还是负面影响这一问题，国内外学者并没有达成一致的意见。这可能与企业所处的制度环境有很大关系。 目前，我国法律法规制度还不健全，对上市民营企业产权的保护机制还不完善，所以企业很可能通过与政府建立政治关联来弥补这一缺陷。那么我国上市民营企业的政治关联会影响其绩效吗?如果存在影响是正面还是负面呢？所以这个研究不管是对研究本身还是对上市民营企业而言都有重要的意义，所以有必要就上市民营企业政治关联对企业绩效的影响进行深入研究。 本文选取2009—2011年沪深两市的1938家民营其企业为研究样本，在控制公司特征和公司治理方面的相关变量下，构建回归模型，检验了政治关联对企业绩效的影响。又从中央和地方政治关联两个角度分别检验了政治关联对企业绩效的影响，同时还检验了企业具有政治关联背景人数的比例对企业绩效的影响。最后还检验了制度背景差异下政治关联对企业绩效影响。 研究结果表明政治关联对企业绩效有重大的影响。（1）从整体来看，我国上市民营企业的政治关联对企业的绩效产生正面影响，即企业建立政治关联能为企业带来益处，促进企业绩效提高。（2）从政治关联的类型来看，地方政府政治关联对企业绩效不如中央政府政治关联对企业绩效的相关度高。（3）企业高管中具有政治关联的人数比例与企业绩效呈正相关。（4）考虑我国的制度背景以后，我国的政治关联对企业绩效仍显著存在正相关。这说明地方政府干预程度越高，，政治关联对企业绩效的影响越大。
[Abstract]:Krueger (1974) proposed for the first time the proposition that "political association exists in enterprises" for the first time, which provides a new angle of view for scholars at home and abroad, and leads to the study of corporate political association. However, there is no consensus between domestic and foreign scholars on whether political association has a positive or negative impact on firm performance. This may have much to do with the institutional environment in which the enterprise is located. At present, the system of laws and regulations of our country is not perfect, and the protection mechanism of the property right of listed private enterprises is not perfect, so the enterprises may make up this defect by establishing political connection with the government. Will the political connection of listed private enterprises affect their performance? What if the impact is positive or negative? Therefore, this study is of great significance to both the research itself and the listed private enterprises, so it is necessary to conduct a deep study on the impact of the political association of listed private enterprises on corporate performance. In this paper, 1938 private enterprises in Shanghai and Shenzhen stock markets from 2009 to 2011 are selected as research samples. Under the variables of controlling corporate characteristics and corporate governance, a regression model is constructed to test the influence of political association on corporate performance. At the same time, the paper tests the influence of political association on enterprise performance from the angle of central and local political association, and also examines the influence of the proportion of the number of people with political connection on enterprise performance. Finally, the influence of political association on firm performance is tested under the system background difference. The results show that political association has a significant impact on corporate performance. (1) overall, the political association of listed private enterprises in China has a positive impact on corporate performance, that is, the establishment of political association can bring benefits to enterprises. (2) from the perspective of the type of political association, (3) the proportion of senior executives with political connection has positive correlation with corporate performance. (4) after considering the institutional background of our country, the local government political association is not as relevant to the enterprise performance as the central government. There is still a significant positive correlation between political connections and firm performance in China. This indicates that the higher the degree of local government intervention, the greater the influence of political association on enterprise performance.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224
本文编号：2177681
[Abstract]:Krueger (1974) proposed for the first time the proposition that "political association exists in enterprises" for the first time, which provides a new angle of view for scholars at home and abroad, and leads to the study of corporate political association. However, there is no consensus between domestic and foreign scholars on whether political association has a positive or negative impact on firm performance. This may have much to do with the institutional environment in which the enterprise is located. At present, the system of laws and regulations of our country is not perfect, and the protection mechanism of the property right of listed private enterprises is not perfect, so the enterprises may make up this defect by establishing political connection with the government. Will the political connection of listed private enterprises affect their performance? What if the impact is positive or negative? Therefore, this study is of great significance to both the research itself and the listed private enterprises, so it is necessary to conduct a deep study on the impact of the political association of listed private enterprises on corporate performance. In this paper, 1938 private enterprises in Shanghai and Shenzhen stock markets from 2009 to 2011 are selected as research samples. Under the variables of controlling corporate characteristics and corporate governance, a regression model is constructed to test the influence of political association on corporate performance. At the same time, the paper tests the influence of political association on enterprise performance from the angle of central and local political association, and also examines the influence of the proportion of the number of people with political connection on enterprise performance. Finally, the influence of political association on firm performance is tested under the system background difference. The results show that political association has a significant impact on corporate performance. (1) overall, the political association of listed private enterprises in China has a positive impact on corporate performance, that is, the establishment of political association can bring benefits to enterprises. (2) from the perspective of the type of political association, (3) the proportion of senior executives with political connection has positive correlation with corporate performance. (4) after considering the institutional background of our country, the local government political association is not as relevant to the enterprise performance as the central government. There is still a significant positive correlation between political connections and firm performance in China. This indicates that the higher the degree of local government intervention, the greater the influence of political association on enterprise performance.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224
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