政治关联、多元化战略与企业绩效——基于我国矿业上市公司的实证分析  

Political Connection, Diver sification Str ategy, and Cor por ate Per for mance

作　　者：郭晓川[1] 张学敏[1] 

机构地区：[1]内蒙古大学经济管理学院

出　　处：《财会通讯（下）》2018年第1期35-40,共6页Communication of Finance and Accounting

基　　金：教育部创新团队发展计划"资源型产业与资源富集地区经济可持续发展"(项目编号:IRT1258)的阶段性研究成果

摘　　要：本文以2011-2015年矿业上市公司为样本,实证分析了政治关联、多元化战略和企业绩效的关系。研究结果表明政治关联对企业开展非相关多元化战略有积极作用;非相关多元化会损害企业的财务绩效,但有利于企业市场绩效的提升,并且有政治关联的企业开展非相关多元化会显著提高企业的市场价值;企业开展相关多元化战略对于财务绩效和市场绩效都是有益的,但是政治关联对相关多元化的调解作用不显著。研究结论对于转型时期采矿行业多元化战略的实施有一定的借鉴意义。Based on the sample date of the listed companies of the mining industry from 2011 to 2015 in China,this paper empirically studies the relations between political connection, diversification strategy and corporate performance.The results showthat political connection associated to Unrelated diversification positively;Unrelated diversification will impair the financial performance of the corporate, but is conductive to market performance,also,with political connection,corporate carrying out the unrelated diversification can significantly improve the market value;Relateddiversification strategy is beneficial for corporate both in financial performance and market performance,but there is no significant mediation relationship between political connection and related diversification.The conclusions of research give some suggestions of implementing diversification for the mining industry in transformation.

关 键 词：政治关联 相关多元化 非相关多元化 企业绩效 

分 类 号：D630[政治法律—政治学] F272[政治法律—中外政治制度] F406.7[经济管理—企业管理] F426.1[经济管理—国民经济]