政治关联研究脉络述评与展望  

Literature Review and Prospects on Political Connection

作　　者：赵峰[1,2] 马光明[2] 

机构地区：[1]北京工商大学经济学院,100048 [2]北京师范大学经济与工商管理学院,100875

出　　处：《经济评论》2011年第3期151-160,共10页Economic Review

基　　金：国家社会科学基金项目"终极产权;利益侵占与投资者权益保护"(09BJL023);教育部人文社会科学基金项目"次贷危机与公司治理--美国次贷危机对中国公司治理的启示"(09YJA630010)的资助

摘　　要：近年来政治关联对企业运营所产生的影响成为国内外学者关注的热点。目前相关研究主要体现在政治关联内涵的界定、政治关联与法律制度替代关系的探讨、政治关联如何影响企业价值和财务活动、政治关联对民营企业的影响作用等方面,但对这些问题的研究在深度与广度上均需要进一步加强。本文认为,政治关联不同于政治干预和腐败贿赂,它在法律层面上是合法的,能够给处于落后制度约束下的企业带来诸如融资便利、税率优惠、政府救助等正面效应,但同时也可能会给整个社会带来诸如扭曲市场资源配置机制、滋长官员腐败等负面效应。目前,如何准确地度量政治关联、从实证角度考察政治关联与法律制度的关系、政治关联对权益资本及企业投资产生的影响,将成为政治关联研究的最新方向。Recent years,the impact political connection put on firms becomes the focus of foreign and domestic scholars.The current researches are mainly focused on political connection＇s definition,discussion of the substitution relation of political connection and legal system,how political connection affects firm＇s value and financial activities,and effects political connection putting on private firms,but these studies require further exploration in depth and breadth.This paper argues that political connection is different from political intervention,corruption,and bribery;It is legitimate,and it will bring positive effects to firms in a backward system,such as financing facility,tax benefits,government assistance and so on,but at the same time it may also bring the whole community negative effects,such as distorted market mechanisms and official corruption growth.At present,how to accurately measure political connection,studying the relationship between political connection and legal system from an empirical perspective,and how political connection affects equity capital and firm＇s investment will be the newest study direction of political connection.

关 键 词：政治关联 政治干预 法律制度 财务活动 民营企业 

分 类 号：F272[经济管理—企业管理]