政治关联、制度环境与金字塔结构  

Political Connections,Institutional Environment and Pyramid Structure

作　　者：韩忠雪[1,2] 程蕾[3] 

机构地区：[1]南开大学商学院 [2]南开大学公司治理研究中心 [3]华南理工大学工商管理学院

出　　处：《经济与管理研究》2012年第5期31-40,共10页Research on Economics and Management

基　　金：国家自然科学基金项目“我国上市集团公司多元化折价研究:基于内部资本市场代理问题的视角”(71072096);教育部人文社会科学项目“公司多元化折价:代理问题与治理优化”(09YJc630185)

摘　　要：通过利用2004～2008年共202家民营上市制造业公司数据,文章研究了政治关联、制度环境与金字塔结构之间的关系。发现,政治关联与制度环境变量与金字塔结构层级和复杂度均呈显著的负相关关系,表明政治关联和良好的市场制度环境都为民营企业发展提供了较好的获取资源优势和配置机会。但在同时考虑两者对金字塔结构影响的情况下,不同的政治关联指标在不同的市场制度环境下,存在不同的替代和互补作用。政治关联总人数与政治关联为曾任政府官员指标与市场制度环境对金字塔结构的影响存在着替代作用;而董事长或总经理为政治关联和政治关联为现任政府官员指标与市场制度环境对金字塔结构的影响呈明显的互补效应。By using the date of 202 listed private manufacturing companies during this period from 2004 to 2008, we studied the relationship between political connections as well as the institutional environment and the pyramid structure, we found that there is significant negative correlation, that＇s to say, both the political connections and the good market institu- tional environment help private companies gain the advantage of access to or the chance to share more resource. Further- more, we took these two factors into account and found that it shows different relationship of substitute or complementary when different indicators of political connections are placed different market institutional environment, specifically, some political connections indicators that are the number of persons and the past government officials have substitute impact on pyramid structure together with the market institutional environment, however, the other ones such as the government back- ground of chairman or general manager and current government officials have complementary impact.

关 键 词：政治关联 制度环境 金字塔结构 

分 类 号：F830.91[经济管理—金融学]