烙印效应:民营企业谁在“不务正业”?

The Imprinting of Danwei System and “Making Fast Bucks”:Evidence from China's Private Enterprises

民营企业利用“政策性机会”把资金投入房地产、民间借贷和股市等领域实现新进入、快速获得丰厚回报这一“赚快钱”行为往往被媒体标签为“不务正业”。本文在公司创业框架内讨论民营企业“不务正业”的动因，基于烙印理论（imprintingtheory），通过对2008～2012年3803家民营企业调研数据的分析本文发现：第一，民营企业家的“体制内”经历（即曾在国有、集体企业或机关事业单位工作的经历）通过发展能力烙印与认知烙印，促进其企业在成长过程中介入房地产等业务来“赚快钱”；第二，民营企业家后续刻意建立的政治连带可以发挥“资源通道”的作用，推动政策性机会由识别阶段向利用阶段的转化，进而强化“体制内”经历与“赚快钱”之间的关系；第三，在地区制度发展水平较高地区，企业家政治连带在资源提供方面的效能降低，进而其对“体制内”经历与“赚快钱”关系的正向调节作用减弱。文章最后讨论了研究发现的理论意义和实践启示。

'Making fast bucks 'refers to specific activities by Chinese firms that get profitable returns by leveraging the' government- induced 'opportunities to engage in real estate industry, private lending, stock market investments,among others. The nature of' making fast bucks 'became a controversial issue. This article has no intention to discusswhether' making fast bucks 'is reasonable or not, but instead focuses on why firms in China engaged in this activity enthusiastically. Building upon the imprinting theory and the institution theory, we conduct an investigation of 3803 Chinese private enterprises from 2008 to 2012, which leads us to the following findings: First, entrepreneurs who have the working experience in the Danwei System(i.e. the state-owned and collective enterprises, the party and government agencies) are more likely to be imprinted in terms of their capabilities and cognition, and thus lead their firms to make fast bucks. Second, entrepreneurs with strong political ties are more likely to engage in making fast bucks because they could assemble resources needed in new entries with the aid of governments, which enables the entrepreneurs to leverage their identified' government-induced 'opportunities. Third, within geographical areas with higher level of institutional development, the utilities of entrepreneurs' political ties will be reduced and thus the moderating effects of political ties on the link of the imprinting of Danwei System and' making fast bucks 'will be damped. Theoretical contributions and practical implications are discussed.