新型政商关系和企业业绩稳健性:来自上市公司的证据  

The new type of government-business relationship and corporate performance stability:Evidence from Chinese listed companies

作　　者：魏江[1] 赵齐禹 刘洋[1] WEI Jiang;ZHAO Qiyu;LIU Yang(School of Management,Zhejiang University,Hangzhou 310058,China)

机构地区：[1]浙江大学管理学院,浙江杭州310058

出　　处：《管理工程学报》2021年第4期1-13,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金重点项目(71732008);国家社科基金重大项目(17ZDA050)。

摘　　要：企业在建立政商关系的过程中采用何种战略才能保障其稳定发展?结合制度理论和资源依赖理论,本文从企业业绩稳健性切入,通过区分两类不同的企业政治战略——机构层政治战略和个体层政治战略,来探索政治战略的异质性对组织绩效的不同影响,并进一步考虑了区域制度环境因素的情境作用。以2009—2017年A股主板上市公司为样本,实证结果表明:(1)机构层政治战略比个体层政治战略更有利于增强企业业绩的稳健性;(2)地方政府对企业的支持力度越大,机构层政治战略的业绩稳定作用越强;(3)地方政府的廉洁度越低,个体层政治战略会加剧企业的业绩波动。本文的研究发现拓展了关于转型制度环境下企业政治战略异质性的研究,深化了对政治战略和组织绩效二者关系的理解,同时也为构建"亲""清"新型政商关系提供了理论借鉴。Researchers have extensively discussed the benefits,disadvantages,and boundary conditions of corporate political strategy for organizational performance,but there are few studies discussing the impact of political strategy on performance stability.In today’s complex and dynamic domestic and international economic environment,what kind of political strategy should be adopted by companies in the process of establishing a good government-business relationship for their stable development?This question has great theoretical and practical significance.In order to answer this question,our study focuses on an important dimension of organizational performance—the stability of performance.By combining institutional theory and resource dependence theory,we study their different effects on performance stability of corporate political strategies(CPS)carried on institutional level(InsCPS)and individual level(IndCPS),and further explore the contingent effect of regional institutional environment which is shaped by local governments.Based on a dataset of Chinese listed companies on main board from 2009 to 2017,the regression results suggest that(1)compared with IndCPS,InsCPS contributes more to a stable performance;(2)when there are more business supports from the local government,the InsCPS will contribute more to a stable performance;(3)when the local government is more corrupt,IndCPS will exacerbate the volatility of the company’s performace.Our core theoretical contribution is to provide new ideas for solving the contradictory conclusions of the impact of political strategy on corporate performance.Existing literatures fail to distinguish the heterogeneity of corporate political strategies,and ignore the stability of corporate performance and the contingency effect of the institutional environment.This paper firstly distinguishes the InsCPS and IndCPS based on the effect level of political strategies.We find that InsCPS brings a more sustained,stable and comprehensive supply of resources and legitimacy,and is monitore

关 键 词：企业政治战略 新型政商关系 业绩稳健性 制度环境 

分 类 号：F27[经济管理—企业管理]