政治关联视角的民营企业行业进入选择与绩效研究:基于2005-2010年民营上市企业的实证检验

Research on Industrial Structure and Performance of POEs from Political Connection Perspective:Based on POEs' Data from 2005 to 2010

近年来国家不断推出产业政策进行产业结构调整以引导民营经济的健康发展,而民营企业能否响应产业政策,并调整其行业选择是本文关注的重点问题。本文首次基于政治关联的视角,实证分析2005年颁布的产业政策对民营企业进入鼓励性行业的影响,进而深入探讨民营企业进入政府鼓励性行业的程度及进入后民营企业绩效的变化。结果表明,短期来看民营企业在政府鼓励性行业投资没有显著增加,但从长期来看民营企业的行业进入选择受政府产业政策影响较大,而选择进入政府鼓励性行业的民营企业绩效短期内劣于未进入鼓励性行业的民营企业;政治关联在民营企业行业选择中有较显著的负向影响;具有政治关联的民营企业普遍选择不进入鼓励性行业,其绩效也较好。本文的结论不仅在理论方面拓宽了市场进入、政治关联等研究领域,而且在实践方面为我国产业政策的实施效果提供了数据支持和决策依据。

In recent years, the government frequently issued industrial structure adjustment policies to optimize the structure of China＇s industries and to lead blossom of Private Owned Enterprises （POEs）. The effect of these policies is widely concerned by the political, theoretical and practical fields. In this paper, we focus on the responds of POEs on these policies and the performance after they made their investment choice. Practically, we empirically analyze how these industrial structure adjustment policies that issued by our government affected POEs, based on the perspective of political connection for the first time. We study whether POEs entered into encouraged industries or not, to what extent if entered, and how the performance of POEs changed after they invest in the fields that government encouraged by means of these policies. The results show that, in the short term, there is no significant increment in the investment which POEs invested in the encouraged industries. But in the long term, there is a significant increment, after these policies issued. We could expect a more pronounced effect of policies for a relatively long period. Most of POEs hesitate to invest in these encouraged industries of the recently issued policies, and make their investment strategy after a period to keep the uncertainty as low as possible. However, we find that the performance of these private enterprises that entered into the encouraged industries is worse than those not entered though the uncertainty of risk is lower. To inquire the reason for this problem, we research the significant effect of political connection, another access to resources on private enterprises＇ performance. We find that the private enterprises with high political connection usually did not invest in the encouraged industries. This study not only expands the theoretical research on market entering and political connection, but also provides the effective data to support the implementation of the industrial policies and support government to make decisions practically.