企业产权关系、市场环境与非生产性支出关系的实证研究

The Empirical Study on the Relationship between Property Right,Marketing Environment and Unproductive Expenditure

政府对市场的干预和管制是企业从事非生产性活动的根源,所以企业与政府之间的产权关系以及企业所在地区的市场化程度可能对非生产性支出具有重要影响。以2006～2009年A股上市公司为研究样本,实证检验的结果表明:产权关系为国有控股的企业,其非生产性支出显著低于产权关系为政治联系的民营企业;具有政治联系产权关系的民营企业,其非生产性支出显著高于其他民营企业;企业所在地区的市场化程度越低,非生产性支出也越高。

The engagement of firms in unproductive activities results from market intervention and regulation of the government, so the property between enterprise and government, market environment in ~which the enterprise is located have a great influence on enterpriser unproductive expenditure. Using data of A-Stock Listed Companies during the period from 2006 to 2009, an empirical study is made, which shows that unproductive expenditure of state-owned enterprises is obviously lower than that of private enterprises s that unproductive expenditure of private enterprise which have political connection is obviously higher than other enterprises s and that the more market-oriented the area which the firm is located in, the lower of the firm＇s unproductive expenditure.