民营企业政治关联、业务转型与公司绩效——管理者过度自信的调节效应

Private Enterprises' Political Connection,Business Transformation and Firm Performance:Moderate Effect of Managerial Overconfidence

以中国民营上市公司为样本考察了政治关联与业务转型之间的关系及其对公司绩效的影响,以及管理者过度自信对上述关系的调节作用,结果表明:政治关联程度越高,企业实施业务转型的可能性越大、总投资水平越高,也越倾向于选择并购方式和进入与原主营业务弱相关的产业;政治关联企业所实施的业务转型有助于提高企业财务业绩,但却导致企业价值受损;管理者过度自信正向调节政治关联与业务转型倾向、投资规模、进入弱相关产业的可能性之间的关系,负向调节政治关联与并购间的关系,正向调节政治关联企业所实施的业务转型与企业财务业绩和市场价值的关系。

We explore the relationship between political connection and business transformation and the impact on performance, and investigate the moderate effect of managerial overconfidence on the relationship above. The results suggest that the greater the degree of political connection, the higher the possibility that the firm conducts business transition, and the larger the investment scale, firms are more inclined to use M＆A to enter weakly related industries. Further, business transformation conducted by politically connected enterprise can improve the firm＇ s financial per- formance, but lower its market value. Moreover, managerial overconfidence positively moderates the political connection and the possibility to conduct business transformation, the investment scale and the possibility of entering a weakly related industry. Meanwhile, it negatively moderates the political connection and M＆A, and positively moderates business transformation and financial per- formance as well as its market value.