政治关联、情境特征与企业绩效——基于2009—2012年中国沪深上市民营企业的经验分析

Political Connection,Situational Characteristics,and Enterprise Performance——Based on an Experience Analysis on Chinese Shanghai and Shenzhen Listed Private Enterprises in 2009—2012

政治关联具有情境依赖性。转型经济、新兴经济背景下,民营企业发展所依托的外部情境呈现出区域分割性、行业发展不平衡性等特点。民营企业政治关联的动因主要包括基于资源理论的资源获取观和基于制度理论的制度替代观,本文置身中国情境,整合制度理论、资源依赖理论,以2009—2012年间中国沪深两市民营企业的面板数据为样本,实证考察了政治关联强度与企业绩效的关系以及行业特征和制度环境等中国情境因素的调节效应。研究发现,政治关联的强度对企业绩效具有正向影响,但作用程度受外在情境因素的影响;行业特征能增强政治关联强度对企业绩效的作用程度而制度环境则削弱政治关联强度的作用程度,同时,制度环境还能削弱行业特征的正向调节效应。

Political connection possesses situation dependence. The developrnent of private enterprise relies on the external situation which characterizes district partition and unbalanced development of trade under the circumstances of transition and emergent economy. The causes of political connection of private enterprise mainly include the concept of resource acquisition based on the resource theory and the institution replacement view based on the institution theory. This dissert integrated the system theory and resource dependence in the background of China situation. It also investigated the relationships between political connection and enterprise performance as well as regulating effect of Chinese situation factors which include the industry characteristics and system environment depending on the panel data of private enterprise in Shanghai and Shenzhen during the period from 2009 to 2012. The research shows that the intension of political connection has the positive influence to enterprise performance. However, the function of that is influenced by external factors. Besides, industry features improve the degree of function of the intensity of political connection to enterprise performance. While system circumstances decrease the degree of function of the intensity of political connection. At the same time,system circumstances weaken the positive regulating effect of industry features.