政治关系、地区经济增长与企业投资行为

Political Connection,Economic Growth and Firm Investment Behavior

本文以2007～2008年我国沪深主板市场上586家民营上市公司为样本,实证研究了政治关系对企业投资行为的影响。经验结果显示:(1)从整体上看,相比于没有政治关系的民营上市公司,具有政治关系的民营上市公司的投资支出更多;(2)经济增长影响了政治关系作用的发挥,良好的经济增长弱化了政治关系对企业投资行为的影响;(3)政治关系与投资支出之间的关系在不同规模公司之间存在差异,政治关系对投资支出的影响在小公司中更加显著。

Using the samples of A-share listed companies in Shanghai and Shenzhen Stock Exchanges, this paper examines the impact of political connection and regional economic growth on investment activities of private firms. The empirical results show that： （ 1 ） Politically connected firms have more investment expenditure compared with the finns who have no political connection. （2） Regional economic growth does influence the interaction effect between political connection and firms＇ investment behavior. The impact of political connection on firm＇s investment behavior is weaker in the regions with higher economic growth. （ 3 ） The interaction effect between political connection and investment behavior differs in firm size. The impact of political connection on firms＇ investment behavior is more significant for the smaller firms.