政治关联形式、制度环境与民营企业生产率  

Political Connection Styles,Institutional Environment and the Productivity of Private Listed Corporations

作　　者：李维安[1,2] 徐业坤[1] 

机构地区：[1]南开大学公司治理研究中心,天津300071 [2]东北财经大学,辽宁大连116025

出　　处：《管理科学》2012年第2期1-12,共12页Journal of Management Science

基　　金：国家社会科学基金(10ZD&035);教育部人文社会科学重点研究基地重大项目(08JJD630007);国家自然科学基金(71172067)~~

摘　　要：政治关联效果存在争议,从生产率角度考察政治关联的效果能够提供最直接的经验证据。以中国制造业民营上市公司数据为样本,采用面板数据和Heckman二阶段回归模型,实证检验政治关联及其形式、制度环境和生产率之间的关系。研究结果表明,政治关联有助于生产率的提升,董事长政治关联与生产率之间存在显著的正相关关系;制度环境影响政治关联的效果,政府干预较为严重、法律环境较差的地区,政治关联导致的生产率提升效应更为显著;制度环境差的地区,无论是董事长政治关联还是总经理政治关联对于提高企业生产率均具有更强的效果,这些研究结论在考虑政治关联内生性的情形下依然成立。相关研究结论为客观地认识民营企业复杂的政商关系提供了新的视角。Empirical evidence of the effects of political connections is ambiguous;studies from the view of productivity can provide the most direct empirical evidence.A sample of manufacturing listed corporations is adopted in this paper to examine the relationships among the political connection and its styles,institutional environment and productivity.By using the panel data models and Heckman two-stage regression,the results show that political connections may be helpful for promoting the productivity.There is a positive and significant relationship between political connection by the chairman of the board and productivity.Institutional environment affects the effect of political connections.In the regions with severe governmental intervention or weak legal quality,political connections is more significant in improving the productivity is for private corporations.When located in these regions,both political connections by the chairman of the board or the manager is more critical and significant for enhancing productivity.These results are tenable under the consideration of endogeneity of political connection.The conclusions in this study may provide new insights into the complicated relations between private corporations and government.

关 键 词：政治关联形式 制度环境 生产率 治理转型 

分 类 号：F271.5[经济管理—企业管理]