制度环境、政治联系与政策性负担——基于民营上市公司的经验证据

Institutional Environments,Political Connections and Policy Burden——Empirical Evidence Based on Private Listed Firms

以2004～2008年的民营上市公司为样本,通过手工搜集公司高管政治联系的数据,用雇员负担作为政策性负担的替代变量,实证研究了政治联系对企业政策性负担的作用以及影响这一作用大小的制度性因素。研究结果发现,有政治联系的民营企业容易受到政府干预,承担较重的雇员负担,而且在制度环境越差的地区,这种干预作用越强。

Taking employment burden as a proxy of policy burden,this paper empirically examines the effect of political connections on the policy burden of firms and the institutional factor influencing the intensity of the effect using a sample of the private listed firms over the period 2004 to 2008.The empirical results show that compared with their non-connected peers,politically connected firms are faced with government intervention and bear more employment burden.It is also showed that the poorer the institutional environments are,the stronger ＂government intervention＂ effect is.The research provides direct evidence on the ＂government intervention＂ effect of political connections in China＇s transitional economy.