政治联系、创始人身份对国有上市公司隧道行为的影响——董事会治理行为强度的非线性中介检验

Impact of Political Connections and Founder Status of Executives on Tunneling:Nonlinear Estimation of Mediation Effect of Board Behavior

基于高管政治联系和创始人身份的双重非正式治理属性视角,在分析高管政治联系、创始人身份与董事会治理行为对上市公司隧道行为影响机理的基础上,采用非线性中介效应检验方法,对2006—2013年中国沪深两市非金融类国有上市公司进行实证分析,结果发现:国有上市公司高管政治联系、创始人身份弱化了董事会治理行为强度;董事会治理行为强度和与控股股东隧道行为呈非线性相关关系;董事会治理行为强度对高管政治联系、创始人身份与控股股东隧道行为的非线性中介效应显著。研究结论表明,国有企业同样存在隧道行为,高管政治联系、创始人身份等非正式治理属性对国有企业的隧道行为具有显著影响,政治联系导致国有企业高管有机会与能力基于自身、政府以及从属母公司的利益而实施隧道行为。

This study empirically analyses how political connection and founder status of the executives impact tunneling behaviors through board behavior from the point of view of mediation effect of board behavior by using samples of the state - owned listed companies from 2006 to 2013 and the nonlinear estima- tion method. The study has found that overall executives＇ political connection and executives＇ founder status are significantly negatively related to board behavior in the state -owned listed companies, board behavior presents the nonlinear relationship to tunneling behavior, and board behavior is the mediator of nonlinear es- timation between executives＇ political connection, founder status and tunneling. This shows that stateowned enterprises has tunneling behavior, informal governance attributes has effect on state -owned enter- prises＇ tunneling behavior, political connection enables state -owned enterprises executives to implement the tunneling behavior based on their own interests, government and their subordinate parent company＇s interests.