高管的政治关联与公司绩效:基于国有电力生产上市公司的经验研究

Managers' Political Connections and Corporate Performance:Empirical Studies Based on State-owned Power Generation Listed Companies

本文以国有电力生产上市公司为样本探讨了国有公司高管政治关联的绩效影响。研究表明:董事长政治关联的绩效影响显著为正,总经理政治关联的绩效影响显著为负;相对于国有非控股公司,国有控股公司董事长政治关联的绩效正影响较弱,总经理政治关联的绩效负影响较强。因此,推行国企(副)总经理市场化选拔改革具有重要意义。

The effects of managers＇ political connections on corporate performance have been empirically studied by using China＇ s state - owned power generation listed companies. The results show that the effects of director＇ s political connection on performance are statistically positive, but the effects of CEO＇ s political connection on performance are statistically negative. Meanwhile, the positive effects of director＇ s political connection in state - controlled companies are stronger than that in state - uncontrolled companies, and the negative effects of CEO ＇ s political connection in state - controlled companies are smaller than that in state - uncontrolled companies. Therefore, the practice of managers＇ selection of market mechanism in state - owned companies is very important.