民营企业的政治联系、劳动雇佣与公司价值

Private Enterprises' Political Connections,Employment and Corporate Value

本文以2007～2009年的民营上市公司作为研究样本,实证考察了民营企业的政治联系、劳动雇佣与公司价值之间的关系。研究发现,民营企业的政治联系与公司的雇佣人数及雇佣成本均呈显著的正相关关系,而且这种正相关的关系在市场化程度较低的地区更为突出;民营公司的政治联系并不影响公司的价值。结果表明,尽管民营公司通过建立与政府的政治联系可能会在银行信贷、财政补贴、市场准入等方面获取租金收益,但与此同时,公司也必须承担相应的社会职能如劳动力就业等。

On the basis of listed companies＇ data from 2007 to 2009, this paper investigates the relationship of private enterprises＇ political connections, employ- ment and corporate values. We find there is a significant positive relationship be- tween private enterprises＇ political connections and corporate employment number and employment costs, and this relationship is more prominent in the areas which marketization progress is less adequate. This is insignificant relationship between private enterprises＇ political connections and corporate value. The finds show that although private companies may get rents such as bank credit, fiscal subsidies, and market access through establishing political connections with government, but they also undertake the corresponding social functions such as employment.