政府干预、政治关联与控制权转移研究

The Government Intervention,Political Connection and Control Right Transfer:Evidence from Listed Companies in China

以我国2006-2011年后股权分置时代控制权转移事件为样本，研究政府干预、政治关联与控制权转移的关系。研究表明，公司所有权为地方政府控制且所在地区市场化进程越低时，控制权转移更倾向于在本地公司之间进行，这在一定程度上说明了我国市场仍存在地区分割的现象。研究同时表明，公司与当地的政治关联度越高，越倾向于进行本地控制权转移，这也说明政治关联在保护企业产权免受政府掠夺的同时，企业的社会性负担也会增加，政治关联企业将更大程度地受到政府为实现扩大就业，推动本区域经济发展，维持社会稳定等目标而实施的干预，所以更可能为达到上述政府目标而进行本地控制权转移。

This paper makes an analysis on the control right transfer cases of Chinese Listed Companies of the non-tradable shares reform completed period in 2006-2011, study the impact of the government in tervention, political connections on the control right transfer. The study found, the local government con trolled enterprise and the enterprise which is in low marketization area, more inclined to implement the lo cal transfer of control right, which support the existing market regionalism in We also find that the political connection enterprises, more inclined to implement the local transfer of control right, suggesting that the political connection to protect the enterprise from government ＂grabbing hand＂ violations at the same time, also increased the company＇s political and social burden, political connection enterprises will be more affected by the government intervention to realize the goals such as expand employment, promote lo- cal economic development and maintain social stability and so on, so the political connection enterprises are more inclined to implement the local transfer of control right.