党组织嵌入与民营企业非效率投资

Party Organization Embedding and Investment Inefficiency of Private Enterprises

在民营企业中,党组织嵌入的治理效用一直是研究关注的要点之一。本文基于2011-2019年间A股民营企业的样本,考察了党组织嵌入与非效率投资之间的关系,并探讨了其中的路径机理。本文的研究发现:党组织嵌入会显著抑制民营企业的非效率投资,且主要表现在缓解了民营企业的投资不足,而非投资过度。进一步研究发现,党组织嵌入的积极作用是通过缓解融资约束和提升信息透明度这两条路径实现的。研究再次验证了党组织嵌入公司治理的积极作用,为完善民营企业公司治理机制提供了借鉴。

The governance utility of party organisation embeddedness in private enterprises has been one of the key points of research attention.Based on a sample of A-share private enterprises during 2011-2019,this paper examines the relationship between party organisation embeddedness and inefficient investment,and explores the path mechanisms involved.The research in this paper finds that party organisational embedding significantly inhibits the inefficient investment of private firms,and the positive effect of party organisational embedding is mainly manifested in alleviating the underinvestment of private firms rather than overinvestment.Further research finds that the positive effect of party organisation embedding is achieved through two paths:alleviating financing constraints and enhancing information transparency.The research in this paper reaffirms the positive role of party organisation embeddedness in corporate governance and provides a reference for improving the corporate governance mechanism of private enterprises.