管理者政治关联与企业绩效相互影响的实证研究

Empirical Research on Interaction between Manager's Political Connection and Firm's Performance

利用2008—2013年中国沪深两市上市公司的数据,分别采用普通最小二乘法和二阶段最小二乘法实证检验了管理者政治关联与企业绩效的双向内在关系。研究结果显示:当期的管理者政治关联与下一期的企业绩效之间存在显著的正相关关系,即当期的管理者政治关联可以推动下一期企业绩效的增长;当期的企业绩效与下一期的管理者政治关联之间存在显著的正相关关系,即良好的企业绩效有利于管理者在后期获得政治关联;整体而言,管理者政治关联与企业绩效之间存在积极的交互作用,这种良性互动有助于企业价值增长。

This paper uses the method of ordinary least square and two-stage least square to tests the interactive relationship between manager＇s political connection and firm＇s performance empirically by using the data of companies listed in Shanghai and Shenzhen stock exchanges in the period 2008-2013.The results show as follows：current manager＇s political connection has significantly positive relation with firm performance in next period,namely current manager＇s political connection improves firm performance in next period;current firm performance has significantly positive relation with manager＇s political connection in next period,namely good performance is beneficial to gain political connection;overall,there is a positive interaction between manager＇s political connection and firm performance,which contributes to the growth of firm＇s value.