政治关联方式与农业企业绩效——基于农业类上市公司2004—2012年的经验数据

The Study about Relationship between Political Connection and the Agricultural-enterprises' Performance: Based on the Listed Agricultural Company's Empirical Data from 2004 to 2012

经济转型时期,企业政治关联会对经营绩效产生影响,但是不同类型的政治关联方式对企业经营绩效的作用机制是有区别的。本文将企业政治关联区分为高管个人政治关联和企业天然政治关联,其中高管个人政治关联又进一步细分为政府官员类政治关联和委员代表类政治关联。通过对农业类上市公司2004—2012年的经验数据进行实证研究发现,高管个人政治关联对农业企业绩效有显著的积极影响,其中代表委员类政治关联对企业绩效的影响大于政府官员类政治关联;企业天然政治关联对农业企业绩效有消极影响。

In the economic transformation period,the enterprise political connection will affect business performance,but the functional mechanism of different types of political connection influencing enterprise'performance is different. This paper differentiate corporate political connection for executives personal political connection and natural political connection,at the same time,the executive personal political connection is further subdivided into government officials and representatives. The research found that executive's personal political association has a significant positive effect on agricultural enterprise performance,and the influence of government officials to enterprise performance is greater than the influence of representatives; But,Natural political connection has a negative impact to agricultural enterprise performance.