转型经济下国有企业政治关联对绩效影响的实证研究

Empirical Studies of the Politics Associated with the Performance of State-owned Enterprises during the Economies in Transition

转型经济下,政治关联现象在当下中国普遍存在,本文以电力、煤气、水务上市公司为样本研究国有企业高管政治关联对企业绩效的影响,研究表明,总体上讲国有企业高管政治关联对企业绩效呈负向影响;国有非控股(国有股小于30%)公司政治关联对企业绩效具有正向影响;国有控股(国有股大于等于30%)公司政治关联对企业业绩具有负影响;从政治关联的来源看,董事长政治关联对企业绩效具有正相关效应,而总经理政治关联对企业绩效具有负效应。

During the economies in transition, the phenomenon of political association prevalent in contemporary China, with electricity, gas, water supply listed companies for the sample of state-owned enterprises executives＇s political connections on firm performance, studies show that, overall the executives＇s political connections of state-owned enterprises associate nega- tive influence on business performance ; state-owned of non-controlling （ state-owned shares is less than 30% ） corporate political connections have a positive impact on firm performance; state-controlled （ state-owned shares is greater than or equal to 30% ） company politics associated with the negative impact on corporate performance ; looking from the source of political association, the chairman of the political association has positive correlation effects on firm performance.