發(fā)布時間：2018-03-16 02:00

  本文選題：國有股權(quán)　切入點：企業(yè)家參政　出處：《管理評論》2017年04期 　論文類型：期刊論文

【摘要】：與以往研究將民營企業(yè)家參政作為重要的政治關聯(lián)方式不同,本研究將民營企業(yè)中含有的國有股權(quán)視為一種重要的政治關聯(lián)機制。本文以中國民營控股上市公司為樣本,對國有股權(quán)在民營企業(yè)中的政治關聯(lián)效應及作用機制進行了理論分析與實證檢驗。研究發(fā)現(xiàn),民營企業(yè)中含有的國有股權(quán)能夠像企業(yè)家參政一樣,提高公司績效,其作用機制在于,國有股權(quán)依靠其與政府的天然聯(lián)系,為民營企業(yè)起到制度層面的聲譽擔保作用,能夠幫助民營企業(yè)發(fā)展獲取較多的經(jīng)濟資源與發(fā)展空間。同時,對于含有國有股權(quán)的民營企業(yè),企業(yè)家參政對公司經(jīng)濟資源獲取,以及績效提升的影響程度會顯著下降。這表明國有股權(quán)所帶來的政治關聯(lián)效應是建立在制度層面上,其作用應該超過表面層次上民營企業(yè)家參政的政治關聯(lián)效應。本文的研究為進一步全面理解在中國經(jīng)濟轉(zhuǎn)型時期混合所有制結(jié)構(gòu)對民營企業(yè)的影響提供了一個新視角,并開拓了公司政治關聯(lián)的研究領域。
[Abstract]:Different from previous studies, private entrepreneurs' participation in politics is regarded as an important way of political connection. In this study, the state-owned equity contained in private enterprises is regarded as an important political association mechanism. This paper makes a theoretical analysis and empirical test on the political relevance effect and mechanism of state-owned equity in private enterprises. It is found that the state-owned equity contained in private enterprises can improve corporate performance just as entrepreneurs participate in politics. The mechanism lies in the fact that the state-owned equity shares depend on their natural relationship with the government and play an institutional role in guaranteeing the reputation of private enterprises, which can help private enterprises to develop and obtain more economic resources and development space. For private enterprises with state-owned equity, the influence of entrepreneur participation in politics on the acquisition of economic resources and the improvement of performance will be significantly reduced, which indicates that the political correlation effect brought by state-owned equity is based on the institutional level. This paper provides a new perspective for further understanding the influence of mixed ownership structure on private enterprises in the period of economic transformation in China. And has opened up the company political connection research domain.
【作者單位】： 重慶大學經(jīng)濟與工商管理學院;西南財經(jīng)大學金融學院;
【基金】：國家社會科學基金項目(14BGL047) 國家杰出青年基金項目(70525005)
【分類號】：F832.51;D0
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本文編號：1617802