我国民营企业政治关联、多元化战略与公司绩效  

Chinese Private Enterprises' Political Connection,Diversification Strategy,and Corporate Performance

作　　者：邓新明[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《南开管理评论》2011年第4期4-15,68,共13页Nankai Business Review

基　　金：国家自然科学基金项目(70902053);教育部人文社会科学项目(09YJC630177)资助

摘　　要：本文以我国2002-2005年在沪深证券交易所上市的民营企业为样本,综合考察了政治关联与多元化对公司绩效的共同影响,探讨企业政治关联是否具有多元化效应,这种多元化效应是否真正促进了企业绩效的实现。本文研究结果发现:第一,无政治关联企业的多元化与公司业绩关系呈"倒U"型,具有政治关联的企业多元化与公司业绩关系呈"逆L型";第二,具有政治关联的企业更可能实施多元化,尤其是非相关多元化;第三,有政治关联的民营企业在进行国际化发展时,更有可能通过非相关多元化战略进行扩张,但是对于无政治关联的企业,则更可能通过专业化战略拓展海外市场。进一步,本文发现,国际化与相关多元化在一定程度上存在着替代关系,而与非相关多元化存在一定程度的互补关系;第四,具有政治关联企业的多元化(包括相关多元化与非相关多元化)比无政治关联企业更可能促进企业短期经营状况的改善,即会计绩效的提高;但具有政治关联企业的非相关多元化将对未来的绩效表现产生负面影响,即损害公司的市场价值。The research about the diversification and corporate performance has been a key position in the field of strategic management.Based on a unique perspective of political connection,this paper comprehensively examines the combined influences of political connection and corporate diversification on firm performnce,focusing on whether the political connection of Chinese private enterprises can become a valid substitutive informal mechanism for institution shortage in transitional economy.And the mechanism could help the firms to implement diversification strategy smoothly,and thus obtain the performance.The main conclusions are as follows：Firstly,in general,diversification is negatively correlated with corporate performance,in which related diversification has a positive role in promoting firm performance,but unrelated diversification has a significantly negative effect on corporate performance.Further,we find that the relationship between diversification of non-politically connected enterprises and corporate performance displays ＂inverted U＂ type,that is to say the related diversification performance is higher than that of specialization and unrelated diversification.However,the relationship between diversification of politically connected firms and corporate performance is ＂reverse L＂ type,that is,unrelated diversification performance is significantly higher than that of specialization and related diversification;Secondly,political connection has a significant positive impact upon corporate performance;Thirdly,the firms with political connections are more likely to implement the diversification strategy,especially unrelated.That is to say,the effects of unrelated diversification of political connection were stronger than that of related diversification.For example,in politically connected firm group,the number of diversification firms is up to 357,of which the number of unrelated diversified businesses accounted for 44.51%;However in non-politically connected group,unrelated diversified firms only account

关 键 词：政治关联 多元化 民营企业 非正式机制 公司绩效 

分 类 号：F276.5[经济管理—企业管理]