本文選題：政治聯(lián)系 + 企業(yè)價(jià)值��； 參考：《中國海洋大學(xué)》2012年碩士論文

【摘要】：近年來，，公司財(cái)務(wù)學(xué)的研究出現(xiàn)了一種新的動(dòng)向，不少研究者開始把政治聯(lián)系引入公司財(cái)務(wù)學(xué)從而拓寬了其研究領(lǐng)域，取得了大量的關(guān)于公司財(cái)務(wù)與政治聯(lián)系的交叉研究成果，這些結(jié)果表明無論是在發(fā)達(dá)國家還是新興市場(chǎng)國家，企業(yè)的政治聯(lián)系是廣泛存在的。 在我國，傳統(tǒng)文化中“人治”、“變通”的思想根植于人們思想深處，兩千多年的中央集權(quán)統(tǒng)治更是使“商人階層始終不能擺脫對(duì)官場(chǎng)的依賴”，因此政治聯(lián)系方面的研究在我國具有天然土壤。相比于大型企業(yè)，中小企業(yè)更值得關(guān)注。原因就在于改革開放以來雖然中小企業(yè)一直是我國經(jīng)濟(jì)發(fā)展的主體及最有活力的部分，但在較長時(shí)期內(nèi)卻一直存在著與其經(jīng)濟(jì)地位不相稱的約束：中小企業(yè)的發(fā)展一直受到融資、準(zhǔn)入限制等條件的約束，缺乏政治“名分”，進(jìn)而嚴(yán)重阻礙了它的發(fā)展。因此，在我國，中小企業(yè)尤其具有通過建立政治聯(lián)系這種“非制度保護(hù)”來增加企業(yè)價(jià)值的強(qiáng)烈沖動(dòng)。所以，研究這種動(dòng)機(jī)對(duì)中小企業(yè)價(jià)值的影響具有重要的現(xiàn)實(shí)意義。 本文首先對(duì)國內(nèi)外關(guān)于政治聯(lián)系影響企業(yè)價(jià)值的研究現(xiàn)狀進(jìn)行了綜述，并界定了本文政治聯(lián)系的研究范疇，分析了政治聯(lián)系影響企業(yè)價(jià)值的機(jī)制，最后，在上述分析的基礎(chǔ)上，以2007年-2010年深圳證券交易所所有中小板上市公司為樣本，實(shí)證分析了政治聯(lián)系及其兩個(gè)組成部分—國有股權(quán)和政治關(guān)聯(lián)—對(duì)中小板企業(yè)價(jià)值的影響。研究結(jié)果顯示，整體上企業(yè)是否具有政治聯(lián)系（Con）與中小板上市公司托賓Q值之間存在負(fù)相關(guān)的關(guān)系。從組成部分上來看，是否是國有股權(quán)（Gov）與中小上市板公司托賓Q值之間存在顯著負(fù)相關(guān)的關(guān)系；企業(yè)主動(dòng)建立起來的政治關(guān)聯(lián)（Pol）與中小板上市公司托賓Q值之間存在顯著的正相關(guān)的關(guān)系。也就是說，過度的政府干預(yù)會(huì)損害企業(yè)價(jià)值，而中小企業(yè)主動(dòng)尋求的“政治保護(hù)”卻能夠有助于企業(yè)價(jià)值的提升。 本文還驗(yàn)證了金融危機(jī)前后政治聯(lián)系是否可以幫助企業(yè)渡過難關(guān)。分組的結(jié)果顯示：在托賓Q值正向變化的組別中，政治聯(lián)系與其價(jià)值正向變化率顯著正相關(guān)；而在托賓Q值負(fù)向變化的組別中，政治聯(lián)系與其價(jià)值負(fù)向變化率顯著負(fù)相關(guān)。而出現(xiàn)這種結(jié)果的唯一可能的合理解釋，就是金融危機(jī)爆發(fā)后中央出臺(tái)的四萬億經(jīng)濟(jì)振興計(jì)劃投資使得政府掌握了更多的資源，具有政治聯(lián)系的中小企業(yè)便具有了更多的資源來度過金融危機(jī)。
[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.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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