政治关联对我国民营企业多元化经营的影响

The Effect on Political Connection and Diversification from China Individual-controlled Listed Companies

以2010年沪深A股539家民营上市公司为研究对象,实证研究了民营企业董事长的政府背景与企业多元化经营间的关系,并将政治关联分为曾在政府部门任职和担任代表委员两种情况。结果显示:政治关联显著地影响了民营企业的多元化经营,其中有政治关联企业的多元化程度要高于非政治关联企业。在考虑不同地区的市场化水平后,研究发现市场化水平越低的地区拥有政治关联背景的董事长越有可能实施多元化经营。政府干预越强烈,对民营企业的经营影响程度就越大。

This study purposes to examine the link between political connection and diversification in the listed companies of China. Using 539 examples of individual - controlled companies during 2010 , the result is that companies having political connections have more prone to be diversified than those without political connections. Moreover, the author analyzed the impact of diversification in different province. The result shows that the developing provinces with higher governmental intervention on the diversification than the developed provinces.