政治联系、企业非生产性支出与生产效率--来自中国民营上市公司的证据  

Political Connection, Non-Productive Expenditure of Firms and Productivity:Evidence from Chinese Privately-owned Listed Companies

作　　者：于文超[1] 何勤英[1] 

机构地区：[1]西南财经大学经济与管理研究院

出　　处：《投资研究》2012年第8期82-95,共14页Review of Investment Studies

摘　　要：本文以民营上市公司为研究样本,探究了民营企业政治联系、非生产性支出与生产效率三者之间的关系。结果表明,在控制了民营企业的特征变量之后,政治联系显著降低了企业的非生产性支出;而在制度环境越差的地区,政治联系的这种效应越明显。进一步的研究结果表明,非生产性支出对企业生产效率具有负向影响,而政治联系对企业生产效率没有直接的影响,但政治联系显著缓解了非生产性支出对企业生产效率的负向影响。This paper studies the relations between the political connection, the non-productive expenditure and the productivity using the data from Chinese privately-owned listed companies. We find that the political connection has a significant effect on reducing the non-productive expenditure of the firms and that the worse the institutional environment is, the stronger the effect is. We also find that non-productive expenditure has a significantly negative effect on productivity. Though the political connec- tion has no significant effect on productivity, it can mitigate the negative effect of non-productive expenditure.

关 键 词：政治联系 非生产性支出 生产效率 

分 类 号：F276.5[经济管理—企业管理] F832.51[经济管理—国民经济] F224