国有股权能够为民营企业带来好处吗?——基于中国上市公司的实证研究  

Does State Ownership Bring Benefits for Private Enterprises?An Empirical Study Based on Chinese Listed Companies

作　　者：余汉[1] 杨中仑[2] 宋增基[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030 [2]西南财经大学金融学院,四川成都610074

出　　处：《财经研究》2017年第4期109-119,共11页Journal of Finance and Economics

基　　金：国家社会科学基金项目(14BGL047);国家杰出青年基金(70525005)

摘　　要：民营企业家参政所产生的政治关联效应已受到广泛关注,但民营企业中的国有股权是否也具有政治关联效应还有待进一步证实。文章以中国民营控股上市公司为样本,研究了国有股权在民营企业中的政治关联效应和作用机制。研究发现:民营企业中的部分国有股权能够为其发展获取更多的经济资源与发展机会,因为国有股权可以依靠其与政府的体制关联为民营企业的发展提供声誉担保;与此同时,这些融资便利与经济资源能够进一步提升民营企业的经营业绩。文章拓展了公司政治关联领域的研究文献,为进一步全面理解中国经济转型时期政治关联对企业的影响提供了一个新的视角。The effects of political connections brought by private entrepreneurs＇ participation in politics are widely concerned,but it needs to be further proved that whether the state ownership in private-owned enterprises also has the effect of political connections.Based on private-controlled listed companies in China,this paper studies the effect of state ownership in private-owned enterprises as a political connection mechanism.The results show that state ownership can help private-owned enterprises to acquire more economic resources and development opportunities owing to its systematic connections with the governments,which works as a reputation guarantee for the development of private-owned enterprises.Meanwhile,these financing convenience and economic resources further improve the private-owned firms＇ performance.It adds to the research references in the fields of enterprises＇ political connections,and provides a new perspective for fully understanding the effects of political connections in the period of China＇s economic transformation.

关 键 词：非控股国有股权 政治关联 民营控股公司 企业绩效 

分 类 号：F276.5[经济管理—企业管理]