政治关联与企业价值——民营企业与国有企业的比较分析

Political Ties and Firm Value——An Empirical Study in China

不同控股股东背景下的企业政治关联的培育动机与成本、关系紧密性等方面存在显著差异．这导致政治关联在民营企业与国有企业的作用机制也存在差异性。本文对中国民营企业与国有企业的政治关联的本质及其功能进行了理论探讨．并基于2006～2010年中国上市公司的数据进行了实证研究。本文得到以下研究结论：①民营企业相对于国有企业更加注重政治关联的建设．它们相对于国有企业也更加倾向于从事创造性生产活动，而国有企业则更加倾向于从事破坏性生产活动。②政治关联对创造性生产活动及破坏性生产活动未产生显著的作用．但这种作用在民营企业和国有企业则存在显著的差异，即民营企业的政治关联引致了破坏性生产活动但遏制了其创造性生产活动．而国有企业政治关联遏制了破坏性生产活动促进了其创造性生产活动。③破坏性生产活动改进了企业的经营业绩，尤其是对于民营企业而言这种破坏性生产活动的积极作用更为显著．而创造性生产活动对经营业绩的贡献在民营企业和国有企业并无显著差异。

This paper discusses the essence and function of political ties of Chinese private-own enterprises and state-own enterprise theoretically and conducts an empirical analysis based on panel data of Chinese listed companies. This paper finds several major results. First, the motivations to build political ties, cost of cultivating political ties, and closeness of ties of private-own enterprise and state-own enterprise are significant different, which affected the function of political ties in private-own enterprise and state own enterprise. Second, private-own enterprise are more likely to build political ties with substantially higher motivation to involve in creating action compared with state-own enterprise, but marginal contribution of political ties of private-own enterprise to creating action is significantly lower than those of state-own enterprise. Third, the destroying action of private-own enterprise is lower than state-own companies. However, by contrast the political ties of private-own enterprise seem to be more probable to generate destroying action. Fourth, with respect to state-own enterprise, private-own enterprise has lower cost of destroying actions, so that they have greater marginal effect on their operating performance.