最终控制权、公司年龄影响中国政治资源企业的运营效率吗?——中国上市公司的非参数检验  

Do Ultimate Control Right and Firm Age Affect Operational Performance of the Chinese Political Resources Firms?A Non-parametric Test Based on Chinese Listed Companies

作　　者：雷海民[1] 梁巧转[1] 李家军[2] 

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]西北工业大学管理学院,陕西西安710072

出　　处：《经济管理》2014年第7期39-49,共11页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金重点项目"建构中国本土管理理论:话语权;启示录与真理"(71232014);国家自然科学基金重点项目"从历史情境以及行动中重新理解领导:理论与经验研究"(71032002)

摘　　要：本文基于政治资源企业视角,展现中国特定制度环境下,企业财富创造效率是如何客观地受到企业自身"自然特征"、社会制度环境特别是政治制度环境的制约与影响。在相关研究文献的基础上,本文选择最终控制权和企业年龄作为前因变量,检验其对中国政治资源企业运营效率的影响,发展了政治资源企业运营效率领域的研究。研究发现,在设立党组织的中国政治资源企业中,国有控股上市公司盈余现金保障能力显著大于民营上市公司,后者的资本周转效率显著大于前者;而上市年龄较小的企业运营效率显著大于上市年龄较大企业。本文提出,民营政治资源企业在提高政治资源潜力的同时,要在市场竞争性行业领域提高资本周转灵活性和盈余现金保障能力;国有政治资源企业在巩固资产保值增值和盈余现金保障能力的同时,必须依靠资本周转效率、周转灵活性提高自身的生存能力和市场竞争优势。两类政治资源企业都必须重视企业管理经验与创新能力长期积累对企业发展和运营效率改善作用。Based on Resources, Institution and Strategy of Organization Views （ BRISOVs）, Firm setting up party organization is under China＇ s current Institution context Political Citizenship Behavior （PCB） of acquiring le gitimacy and organizational resources. As a ＂Chinese characteristics＂ political resource companies, firm setting up party organizations according to the needs and requirements,is also Corporate Political Activity （CPA） which help them making ＂national treatment＂ in politics and economically avoiding discrimination policies. On the basis of the literature of Lei et al （2012,2013） about China＇ s political resource firms research, and se lecting ultimate control right and age of the firm as antecedent variables, which are two important social and natural properties of organization, we study their impact on the organization operational efficiency of China political re sources firms from these temporal and spatial characteristics of the interactive dimension. The findings of this paper strongly enrich and powerfully promote the efficiency of business operations research on the political resource firms. By collecting 12year （1999 - 2010） data points from Chinese listed Ashares CPRMs （that is, China Politi cal Resources Firm, a firm type which sets up a group of the Chinese Communist Party ）and using MonteCarlo Nonparametric test because of the nonnormality of financial ratios data, this paper found these following interesting results. First, the listed nonSOEs of Chinese political resource firms have significantly greater than SOEs of them in total asset turnover ratio and payable turnover ratio. Second, the listed SOEs of Chinese political resource firms have significantly greater than the listed nonSOEs of them in surplus cash ratio. Third, at listed eight years as the bound aries between the older and the younger,the younger listed firms of CPRMs have significantly greater than the older listed firms in capital turnover efficiency and cash flow capacity. Sets of contrib

关 键 词：政治资源企业 运营绩效 公司控制权 上市年龄 非参数检验 

分 类 号：F270[经济管理—企业管理]