股权结构情境下政治关联对公司绩效的影响——基于中国民营上市公司的实证分析  

The Influence of Political Connection on Corporate Performance under the Situation of Ownership Structure——Based on an Empirical Analysis on Chinese Listed Private Enterprises

作　　者：程鑫[1] 胡石清[1] 

机构地区：[1]华侨大学经济与金融学院,福建泉州362000

出　　处：《哈尔滨商业大学学报（社会科学版）》2016年第3期17-28,共12页Journal of Harbin University of Commerce:Social Science Edition

基　　金：国家社会科学基金项目(14BJL020)

摘　　要：民营企业的政治关联因政治体制、经济体制、市场特征、公司治理环境等不同而呈现不同特征,表现出极强的情境依赖性,其中,公司治理被认为是与政治关联机制相关的一个关键的情景变量,而股权结构作为公司治理效率的主要因素,对政治关联与公司绩效关系起到调节作用。基于796家中国民营上市公司2010-2014年的面板数据,运用面板固定效应回归模型和多重工具变量两阶段最小二乘法回归模型,检验政治关联与公司绩效的关系以及股权结构作为情境因素对政治关联与公司绩效关系的调节效应。实证结果表明:在其他条件不变的情况下,民营企业的政治关联对公司绩效存在显著的负效应;股权集中度对政治关联与公司绩效的关系具有正向调节作用,具体表现为在股权结构相对集中的情况下,政治关联对公司绩效的负效应受到一定程度的抑制,即这种负向关系被减弱。The political connection of private enterprises has different characteristics because of the political system, economic system, market char- acteristics and corporate governance environment, which shows a strong dependence of the situation. Corporate governance is widely considered as a key situational factor. While the ownership structure, the main factor of corporate governance efficiency, has regulation effect on the relationship be- tween political connection and corporate performance. This study uses a panel dataset of 796 China＇s Private listing corporation over the period of 2010 -2014, applying panel fixed effect regression model and multiple instrumental variable 2SLS regression model to examine the relationship be- tween political connection and corporate performance and the effect of ownership structure as situational factor on the relationship between them. The empirical results show that： （ 1 ） In other conditions, the political connection of private enterprises has a significant negative effect on corporate per- formance. （2） The ownership concentration has a positive moderating effect on corporate performance. The negative effect of political connection on corporate performance is restrained by a certain degree. This negative relationship is weakened.

关 键 词：政治关联 股权集中度 情景效应 公司绩效 

分 类 号：F830.91[经济管理—金融学]