政治资本在不同法制环境下对民营企业的经济影响——一项对民营上市公司的经验证据

The Impact of Political Capital under Different Legal System on the Economics of Private-owned Enterprises: An Empirical Study on Private Listed Firms

在经济转型时期,由于计划经济思维的"惯性",政府对某些垄断性行业仍进行高度的行政化管理,加之民营经济长期受到的所有制歧视,致使民营企业在进入这些行业的过程中会遇到较高的行政壁垒。与现有文献将民营企业家参政作为重要的政治关联方式不同,笔者将民营企业中含有的部分国有股权视为一种重要的政治关联机制,以民营控股上市公司2009—2014年的财务数据为研究对象,通过建立计量模型,实证检验了国有股权与法制环境对民营企业进入高壁垒行业的影响。研究结果表明,国有股权是一种比企业家政治参与更为有效的替代性机制。结合中国的现有国情,将企业所处地区的法制环境分成不同的类别,分组检验了国有股权在不同法制环境下的关联效果:在法制环境较好的地区,企业能够进入高壁垒行业,更多地基于其本身的质量;而在法制环境较差的地区,国有股权扮演了较重要的"角色"。上述研究结论将为政府部门进一步深化经济体制改革进行顶层设计提供理论与政策方面的参考依据。

During the economic transformation, the government still has control power in managing and administering some monopoly industries based on the conventional thinking from planned economy time. In ad- dition, the private sector has long been discriminated which inevitably leads to higher administrative barriers when it enters these industries. Different to the current literatures by treating entrepreneurs＇ political participa- tion as an important way of political connection, this study treats state ownership existing in the private-owned enterprises as the political connection. Based on the financial data of private listed firms from 2009 to 2014, we build econometric models and test the influence of state ownership and legal environment on private-owned enterprises＇ entering into higher barrier industries. The results show that state ownership is more effective than entrepreneurs＇ political participation as an alternative mechanism. According to China＇s national conditions, this study divides enterprise＇s legal environment into different categories, and inspects the connected effect of state ownership under the different legal environment by groups. In the areas with good legal conditions, enter- prises enter the high barrier industries mainly based on their own quality, while in those areas with poor legal conditions, state ownership plays an important role. The conclusion of this study provides reference for govern- ment department to deepen economic reform in top-down design.