关键高管的政治联系能否有助于民营上市公司打破行业壁垒?  

Could Political Connections of Key Top Managers Help Private Listed Companies to Break Through Barriers to Entry in Regulation Industries?

作　　者：杜兴强[1] 曾泉[1] 杜颖洁[1] 

机构地区：[1]厦门大学管理学院

出　　处：《经济与管理研究》2011年第1期89-99,共11页Research on Economics and Management

基　　金：国家自然科学基金"制度环境;政治联系;会计信息质量与审计行为"(71072053);福建省社会科学重点项目"政治联系;过度投资与公司价值"(2010A012);教育部人文社会科学重点研究基地2009重大研究项目"制度环境;会计准则变迁及会计信息的决策有用性与契约有用性研究"(2009JJD790040)

摘　　要：本文搜集了2004～2008年期间中国资本市场"纯"民营上市公司关键高管政治联系的经验数据,实证研究了关键高管的政治联系是否有助于民营企业打破行业壁垒,进入管制行业。本文采取两类、三种方法度量政治联系,并明确将政治联系的类型区分为政府官员类政治联系和代表委员类政治联系。本文研究发现,限定其他条件,民营上市公司关键高管的政治联系与进入管制行业的概率显著正相关;划分政治联系类型的情况下,民营上市公司关键高管的政府官员类政治联系越强,越可能进入管制行业,但关键高管的代表委员类政治联系与进入管制行业无显著的相关性;民营上市公司的业务越多元化,越可能进入管制行业。作为附加检验,本文亦发现,进入管制行业的确促使了民营上市公司业绩的提升。Based on manually collected data of political connections listed companies from 2004 to 2008 in Chinese capital market, this paper examines whether different kinds of political connections of key top manager could help private listed companies to break through barriers to entry into regulation industries. This paper adopts three methods of dummy method, dummy method with two kinds of political connections and graded method, and under graded method, political connections are classified as government officials - connections and members of Peo- ple＇ s Congress （PC） and Chinese People＇ s Political Consultative Conference （ CPPCC ） - connections. The re- sults show that PCDUM has significant and positive effects on industries barriers. For government officials - political connections, both dummy method with two kinds of political connection and graded method support that it is more possible to break through barriers to entry into regulation industries for private listed companies with stronger politi- cal connections. Members of PC and CPPCC - political connections have no significant effcts on industries barri- ers. Additional test shows that involvement in regulation industries does significantly increase the corporate performance.

关 键 词：关键高管 政治联系 代表委员类政治联系 政府官员类政治联系 虚拟变量法 赋值法 行业壁垒 

分 类 号：F271[经济管理—企业管理]