企业政治联系研究述评

The Research on Politically Connected Firms:A Review

企业建立政治联系的现象在全世界普遍存在。现有文献发现企业政治联系会影响企业的融资、投资、会计、审计行为、会计信息质量以及企业价值。但是企业建立政治联系究竟是为了寻租还是市场机制的替代,目前研究并没有达成一致结论。这一方面源于现有多数文献中企业政治联系存在计量缺陷,另一方面在于研究设计中存在内生性与因果倒置问题。未来研究可从深化企业政治联系性质、改进政治联系计量、完善研究设计等方面展开。

Politically connected firms prevail all over the world.Prior literatures have given the evi-dence that a firm＆#39;s political connection affects its financing,investment,accounting and auditing behavior, accounting information quality and the firm value.However,whether the motivation of a firm＆#39;s political connection is to seek rent or to substitute the market mechanism remains controversial.Reasons for incon-sistent conclusions are ascribed to the measure error of firm＆#39;s political connection,endogenous problem or reversing cause problem in the research design.Therefore,to deepen the nature,to improve the measure, and to perfect the research design are right directions for further research of firm political connection.