民营企业政治联系的背后:扶持之手与掠夺之手——基于资本投资视角的经验研究

Behind Political Connections of Private Firms:Helping Hand or Grabbing Hand?——Empirical Study from the Angle of Capital Investment

以往的研究为政治联系带来的"扶持之手"提供了较多证据,而文章从资本投资视角探讨民营企业构建和维持政治联系所付出的隐性代价,发现在市场化程度较低的地区有政治联系的民营企业资本投资很大程度上受到政府"掠夺之手"的侵害,虽具有较大的投资规模,但却表现为较低的投资效率,并且不利于企业R&D投资;而在市场化程度较高的地区"掠夺之手"则未显著出现。文章认为,从资本投资角度看,在市场化程度较低的地区构建政治联系对民营企业弊大于利。

Previous studies on political connections of private firms provide much evidence for helping hand, but this paper analyzes the hidden costs of building and maintaining political connections from the angle of capital investment. It finds that, in regions with lower degree of marketization, the capital investment of firms with political connections, which have greater investment scale but lower investment efficiency, is damaged by govern ments＇ grabbing hand which also has negative impact on firms＇ R＆D investment. Nevertheless, the grabbing hand has no significant effect in regions with higher degree of marketization. Finally, it arrives at a conclusion that, from the angle of capital investment, to build political connections in regions with lower degree of marketization is not beneficial to private firms.