亲清政商关系能否助力民营企业的战略转型?  

Will Cordial and Clean Government-Business Relationship Promote Strategic Transformation of Private Enterprises?

作　　者：罗进辉[1] 巫奕龙 郑丽群 Luo Jinhui;Wu Yilong;Zheng Liqun(School of Management,Xiamen University,Xiamen 361005,China)

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《外国经济与管理》2024年第1期3-17,共15页Foreign Economics & Management

基　　金：国家社会科学基金重大项目(22ZDA045)。

摘　　要：本文使用2016—2019年中国A股民营上市公司的数据,从战略变革的综合视角切入,实证检验了亲清政商关系构建对民营企业战略转型的潜在积极影响。本文发现:地区政商关系的亲清程度越高,本地民营企业的战略变革水平越高,意味着亲清政商关系助力了民营企业的转型升级。路径检验发现,亲清政商关系主要是通过提升地区市场活力和降低企业融资约束的路径进而提高民营企业战略变革水平。异质性研究发现,亲清政商关系对民营企业战略变革的正向影响在地区市场化水平较高、非技术密集型行业、东部地区企业和管理层持股较高的样本中表现更明显。此外,本文还发现亲近和清白的政商关系均能显著促进民营企业的战略变革,并对宏观层面的产业转型升级和经济高质量发展具有显著的正向影响。本文的研究工作不仅丰富了亲清政商关系经济后果以及战略变革影响因素的研究文献,而且相关结论为构建亲清政商关系和促进民营企业战略转型的实践活动提供了及时的经验支持和决策参考。Based on the institutional theory,using the annual observation sample data of Chinese A-share private listed companies from 2016 to 2019,this paper examines the potential impact and mechanism of the development of cordial and clean government-business relationship on the strategic transformation of private enterprises from a comprehensive perspective of strategic change.The results suggest that the cordial and clean government-business relationship within a region is significantly correlated with the strategic transformation level of local private enterprises,indicating that such a relationship can assist private enterprises in achieving transformation and upgrading.Path analyses demonstrate that the main mechanism through which the cordial and clean government-business relationship improves the strategic transformation level of private enterprises enhances regional market vitality and mitigates financing constraints.Based on heterogeneous analyses,the positive impact of the cordial and clean government-business relationship on the strategic transformation of private enterprises is stronger in samples characterized by a higher level of regional marketization,non-technologyintensive industries,eastern-region enterprises,and higher management shareholding.Further,the results show that both cordial and clean government-business relationships can significantly promote the strategic transformation of private enterprises and complement each other.Finally,the study concludes that the cordial and clean government-business relationship has a significant positive impact on the industrial transformation and upgrading of the macro region,as well as high-quality economic development.The findings offer timely experiential support and decision-making reference for building a cordial and clean government-business relationship and promoting the strategic transformation of private enterprises.

关 键 词：亲清政商关系 民营企业 战略变革 市场活力 融资约束 

分 类 号：F270[经济管理—企业管理]