【摘要】：Krueger(1974)首次提出了“政治關(guān)聯(lián)普遍存在于企業(yè)中”的命題，給國(guó)內(nèi)外學(xué)者的研究提供了一個(gè)新的視角，引出了對(duì)企業(yè)政治關(guān)聯(lián)的研究。但是，對(duì)于政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效產(chǎn)生正面還是負(fù)面影響這一問(wèn)題，國(guó)內(nèi)外學(xué)者并沒(méi)有達(dá)成一致的意見。這可能與企業(yè)所處的制度環(huán)境有很大關(guān)系。 目前，我國(guó)法律法規(guī)制度還不健全，對(duì)上市民營(yíng)企業(yè)產(chǎn)權(quán)的保護(hù)機(jī)制還不完善，所以企業(yè)很可能通過(guò)與政府建立政治關(guān)聯(lián)來(lái)彌補(bǔ)這一缺陷。那么我國(guó)上市民營(yíng)企業(yè)的政治關(guān)聯(lián)會(huì)影響其績(jī)效嗎?如果存在影響是正面還是負(fù)面呢？所以這個(gè)研究不管是對(duì)研究本身還是對(duì)上市民營(yíng)企業(yè)而言都有重要的意義，所以有必要就上市民營(yíng)企業(yè)政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效的影響進(jìn)行深入研究。 本文選取2009—2011年滬深兩市的1938家民營(yíng)其企業(yè)為研究樣本，在控制公司特征和公司治理方面的相關(guān)變量下，構(gòu)建回歸模型，檢驗(yàn)了政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效的影響。又從中央和地方政治關(guān)聯(lián)兩個(gè)角度分別檢驗(yàn)了政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效的影響，同時(shí)還檢驗(yàn)了企業(yè)具有政治關(guān)聯(lián)背景人數(shù)的比例對(duì)企業(yè)績(jī)效的影響。最后還檢驗(yàn)了制度背景差異下政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效影響。 研究結(jié)果表明政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效有重大的影響。（1）從整體來(lái)看，我國(guó)上市民營(yíng)企業(yè)的政治關(guān)聯(lián)對(duì)企業(yè)的績(jī)效產(chǎn)生正面影響，即企業(yè)建立政治關(guān)聯(lián)能為企業(yè)帶來(lái)益處，促進(jìn)企業(yè)績(jī)效提高。（2）從政治關(guān)聯(lián)的類型來(lái)看，地方政府政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效不如中央政府政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效的相關(guān)度高。（3）企業(yè)高管中具有政治關(guān)聯(lián)的人數(shù)比例與企業(yè)績(jī)效呈正相關(guān)。（4）考慮我國(guó)的制度背景以后，我國(guó)的政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效仍顯著存在正相關(guān)。這說(shuō)明地方政府干預(yù)程度越高，，政治關(guān)聯(lián)對(duì)企業(yè)績(jī)效的影響越大。
[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.
【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F224

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