政治关联与企业成长

Political Connections and Growth of Enterprises

在中国式分权体制下,地方政府掌握着大量行政处置权和公共资源,诱使企业积极发展政治联系。一方面,政治关联在一定程度上帮助企业,尤其是民企获得实际的产权保护和廉价的公共资源,突破各种管制和进入壁垒,从而赢得更加有利的生存和发展空间,因此具有一定的积极意义。然而,另一方面,政治关联不仅会抑制企业核心竞争力的建设和公司治理结构的完善,而且还会导致租金的耗散和不公平竞争,从而不利于企业和国民经济长远的健康发展。为此,产权改革、放松(所有制歧视性)管制、强化市场竞争机制都将有效地抑制政治关联的作用。

Under the China＇s style of decentralization,the local governments are not only granted huge discretion on the local affair but also hold many resources that can be used to help enterprises.This induces the enterprises emphasizing on political connections.On one side,the political connections can benefit the enterprises,especially the private enterprises by the ownership protection,deregulation and even cheep public resources.However,on the other side,political connects might seriously restrict the growth of enterprises.It is not only that the core capability and healthy corporate governance are depressed,but also much rent is dissipated.So,we need to reform ownership,to relax regulations,to strength the competition in order to reduce the negative effects of political connections.