上市民营企业政治关联对企业价值影响的研究

发布时间：2018-07-23 13:24

【摘要】：“政治关联在企业中是普遍存在的”国外学者Krueger(1974)开创性的提出。相较于我国国有企业先天性地存在政治关联来说,我国民营企业的政治关联更多地是民营企业为了获得相对公正的竞争环境,获取发展所需的稀缺资源而主动地与政府建立关系的行为。民营企业在建立政治关联的时候,势必会付出一些代价,如:高管会投入更多地精力、企业可能会承担更多地社会责任等。那么关于政治关联究竟对民营企业的企业价值产生何种影响?而这个问题对民营企业来说意义非凡。因此,对于我们来说,去研究民营企业政治关联对企业价值的影响是非常有必要的。本文首先通过文献检索法搜集和整理了大量国内外学者关于政治关联的研究资料并对其进行相应的总结;其次,进行了相关的理论阐述并分析、提出了相应的假设,来全面的研究民营企业的政治关联对其企业价值的影响;再次,针对本文所提出的四个假设,本文以沪深A股2012年至2014年三年的民营企业为研究样本,并运用软件SPSS19.0进行多元回归分析来验证此前针对民营企业的政治关联所提出的四个假设;最后,根据实证得出的结果作出相应的解释并提出自己的建议。本文的研究得出以下结论:民营企业的政治关联能够提升其企业价值,而且这种提升作用随着政治关联强度的提高而更加明显;再将政治关联划分为地方政治关联和中央政治关联进行研究后发现,民营企业的地方政治关联对企业价值的影响要明显优于中央政治关联对其企业价值的影响;然后将民营企业按照地域进行划分为:东部、中部和西部地区的民营企业进行有关政治关联的研究,研究发现,政治关联对东部地区的民营企业的影响最轻,其次为中部的民营企业,而对西部地区的民营企业影响最重。因此,我们可以看出,政治关联作为不完善制度环境的一种非正式替代机制,其对民营企业来说具有重要的意义。
[Abstract]:"political connections are ubiquitous in enterprises," Krueger (1974), a foreign scholar, put forward the groundbreaking idea. Compared with the innate existence of political connections in state-owned enterprises in China, the political connections of private enterprises in our country are more private enterprises in order to obtain a relatively fair competitive environment. The act of actively establishing relationships with the government by acquiring scarce resources for development. Private enterprises are bound to pay some price when establishing political connections, such as: executives will invest more energy, companies may take on more social responsibility and so on. So what kind of influence does the political connection have on the enterprise value of the private enterprise? And this problem is of great significance to private enterprises. Therefore, it is necessary for us to study the influence of private enterprise political connection on enterprise value. Firstly, this paper collects and collates a large number of domestic and foreign scholars' research data on political connection by literature retrieval method, and summarizes them accordingly. Secondly, the relevant theories are expounded and analyzed, and the corresponding hypotheses are put forward. Third, in view of the four hypotheses proposed in this paper, this paper takes Shanghai and Shenzhen A shares from 2012 to 2014 as the research sample. The software SPSS19.0 is used to carry out multivariate regression analysis to verify the four hypotheses about the political connection of private enterprises. Finally, according to the results of empirical analysis, the author makes a corresponding explanation and puts forward his own suggestions. The research of this paper draws the following conclusions: the political association of private enterprises can enhance their enterprise value, and this promotion effect is more obvious with the increase of the intensity of political association; After the research of political association into local political association and central political association, it is found that the influence of local political association of private enterprise on enterprise value is obviously superior to that of central political association on enterprise value. Then the private enterprises are divided into three parts according to the region: the private enterprises in the east, the middle and the west, and the research shows that the political connection has the least influence on the private enterprises in the eastern region. The second is the private enterprises in the central region, and the most serious impact on the private enterprises in the western region. Therefore, we can see that as an informal alternative mechanism of imperfect institutional environment, political association is of great significance to private enterprises.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F276.5;D0

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