政治关联影响因素及经济后果的模型分析：基于多任务委托代理模型的视角  

The Factors and the Economic Consequences of Political Connection:From the Perspective of Multitask Principal-agent Problem

作　　者：赵晓琴 万迪防 

机构地区：[1]新疆大学经济与管理学院 [2]西安交通大学管理学院

出　　处：《管理工程学报》2016年第3期15-26,共12页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(70972101,71263051);新疆大学博士启动项目;新疆大学经济与管理学院青年英才培养计划

摘　　要：基于多任务代理模型,研究以理论模型分析和数值模拟的方法考察了外部运行环境变化和经营者道德风险对政治关联经营者、投资者收益以及社会福利的影响。结果表明:1)当外部客观环境变动较高时,经营者更多道德风险行为,反而可以抵消环境变动引起的收益减少。可见转型经济背景下我国企业积极诉求政治关联既是经营者为应对客观环境多变性而采取的措施,也是经营者追求自身利益最大化的结果。而政治关联减缓了外界环境对经营者收益降低的影响,提高了关联经营者对外界环境变动的敏感性。2)经营者道德风险加剧时,投资者收益大幅度下降。相较之下,投资者收益对外界环境变化的影响不敏感。3)外界环境变化以及经营者道德风险总是会降低社会福利。而对比无政治关联,政治关联降低了投资者收益和社会总福利。Political connections are widespread in finns across the world and are associated with the country＇s or region＇s degree of financial market development, investor protection, and improvement in the legal system, and so on. An increasing number of politically connected firms are active in China＇s economic and social development. What economic consequences do political connections bring to finns？ On the one hand, political connections can make financing easier and bring in more resources for investment. When corporate value is measured with cash flow or the stock＇s market value, political connections are considered to be a valuable corporate resource. On the other hand, many recent studies have shown that the performance of politically connected finns is significantly lower than that of non-politically connected firms. There is no unified analytical framework to explain the operation of political connections. We assume that business operators in China are actively pursuing political connections in response to changing conditions in the environment outside the finn while operating in the presence of moral hazards. Previous studies have looked at these factors separately. In practice, political connections are likely to be interrelated with agency problems and changes in the external enviroment. In the analytical framework of contract theory, parties consider internal and external envh＇onments （participation constraints and/ncentive compatibilityconstraint conditions） and then make decisions in order to maximize their own income （including private gain）. Thus, contract theory can be useful to analyze objective influences （such as traditional culture, institutional environment, etc.） and subjective influences （including moral hazard） faced by the agent in a unified analytical framework. This shows us that we can m-examine political connections from the perspective of contract theory. However, the classic single-task principal-agent model cannot effectively explain both sides of the charac

关 键 词：政治关联 多任务委托代理模型 外界环境 道德风险 

分 类 号：F275[经济管理—企业管理]