民营企业治理转型、政治联系与公司业绩

Governance Transition of Chinese Private Firms,Political Connections and Firm Performance

基于系统理论,从治理结构视角构建以实际控制人、董事长、CEO、监事会主席为核心的政治联系指数,以2003年～2007年持续经营的234家中国民营上市公司为样本,采用回归分析方法,检验治理转型视角下民营企业的政治联系程度对公司业绩的影响。研究结果表明,对总样本而言,民营企业的政治联系指数逐年降低,验证了治理转型的观点;公司规模越大、第一大股东持股比例越高,政治联系程度越强,政治联系指数与资本负债率、长期负债率正相关;具有政治联系的民营企业,政治联系指数越高其财务业绩、市场业绩、资产周转率越差,高政治联系公司的政治联系指数与长期投资比率正相关。民营企业的政治联系既有优惠的融资收益,又面临公司业绩下降的风险,在政治联系对民营企业业绩双重影响的背景下,建议民营企业实现政治联系合规,推进公司治理转型。

We constructed the Political Connections Index with four dimensions, including Real Controller, Boards, CEO and Chairman of supervisory board from the perspective of system and governance structure theory. Using data of 234 Chinese private firms from the year 2003 to 2007, we examined political connections effect on finn performance based on the transition back-ground. According to the results,we find that, firstly the political connections index decrease year by year, which confirms the view of governance transition, secondly there is a positive relationship between political connections index and the size of firms as well as the proportion of shareholder by the first largest shareholder, thirdly political connections index is positively correlated with debt ratio and long-term debt ratio. Moreover,while political connections index is negatively correlated with firms＇ financial performance, stock market performance and asset turnover. The higher the political connections index, the higher the long invest- ment ratio of the assets. To sum up, the political connections enable private firms to enjoy benefits of preferential financings well as the risk of performance decrease. Considering the dual impacts of political connection on the performance of private firms, we suggest that finns should maintain the political connection at a legitimate level and carry forward the governance transition.