政治关系与民营企业发展:“支持”还是“干预”?——基于无锡尚德的案例研究  

Political Connection and the Development of Private Enterprises:“Supporting” or “Intervening”:A Case Study of Suntech Power Holding

作　　者：刘彦[1] 庄晓霞[1] 

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州310018

出　　处：《石家庄经济学院学报》2013年第5期76-81,共6页Journal of Shijiazhuang University of Economics

基　　金：国家自然科学基金项目"创始家族对上市公司价值影响机理研究"(71072137);浙江省哲学社会科学重点课题项目"浙江省民营上市公司金字塔结构与债务资本成本研究"(11JDZS01Z)

摘　　要：以无锡尚德为案例,研究了拥有政治关系的民营企业,在政府干预下的过度扩张的问题。研究发现,尚德虽然在政府的支持下创造了一系列的辉煌业绩,但随着政府的干预,尚德过度投资问题愈加严重,并深陷财务危机而无法自拔,最终导致企业破产。对转变政府职能和完善市场机制具有一定的启示意义。Taking Suntech Power Holding Co. Ltd. as a case, this paper studies the problem of over-investment in the private companies with political connection. It is found that Suntech once created a series of brilliant perform- ance with the support of government, however, under the intervention of the government, the problem of over-in- vestment in Suntech got increasingly serious and fell into financial crisis so that it is unable to extricate itself. Even- tually, Suntech had to face bankruptcy. This paper gives some enlightenment in improving the market mechanism and the transformation of government functions.

关 键 词：政治关系 政府干预 过度投资 

分 类 号：F276.5[经济管理—企业管理]