政治关联与企业投资效率——来自我国民营上市公司的经验证据

Political Connection and Investment Efficiency——Evidences from Chinese Listed Private Companies

在理论分析的基础上,文中基于我国民营上市公司2009—2013年的经验数据,利用面板回归模型研究了民营企业政治关联对于投资效率的影响效应。研究结果表明:政治关联对民营企业投资效率具有显著负面影响,即政治联系程度的提高,投资效率越低;同时,政治关联对于企业投资效率的影响受到地区政府干预程度的调节作用,在政府干预水平较高的地区,具有政治关联的民营企业具有更低的投资效率;进一步研究发现,这种损害主要通过过度投资的方式实现。因此,应继续推进市场化改革,减少政府对经济运行不必要干预,破除民营企业投资行业壁垒,强化对民营企业金融支持,从制度环境层面减少民营企业投资效率损失以及为寻求政治联系而造成的不必要耗费,以克服政治关联对于企业投资效率的负面效应。

Based on the normative analysis,this paper discussed the impact of political connection on the investment efficiency by using data of Chinese listed private companies from 2009 to 2013. The results show that： political connection does harm to the private companies＇ investment efficiency,the stronger the degree of the political connection is,the lower the investment efficiency would be. In stronger government intervention region,the investment efficiency of private companies is much lower. Furthermore,the harmful influence of political connection on the investment efficiency is mainly in the form of over-investment behavior. Finally,the paper proposed some policy suggestion： promote the reform of marketization,reduce unnecessary government intervention,dismantle industries＇ barriers and enhance financial support to private companies to reduce negative effects caused by political connection.