政治关联、风险投资与企业慈善

Political Connections,Venture Capital and Corporate Philanthropy

以2009年10月至2015年12月在中国创业板和中小板上市的985家上市公司为研究对象,考察了企业政治关联对风险投资的影响以及风险投资介入对企业慈善捐赠产生的效应。研究发现：有政治关联的企业更容易吸引风险投资,其也更愿意进行慈善捐赠;风险投资的引入对企业的慈善捐赠行为没有显著影响。进一步将企业的政治关联分为官员型政治关联和代表委员型政治关联的检验结果表明,只有代表委员型政治关联对企业的慈善捐赠行为产生了正向影响,而与政府官员结成＂同学关系＂的隐性政治关联并不能帮助企业获得风险投资。

Based upon China transitional institution, using the data of Chinese Growth Enterprise Market listed companies and the data of listed companies in SEM board from October 2009 to December 2015, this article verifies the effect of political connections on venture capital and venture capital＇s effect on the social performance （corporate philanthropy）of politically connected fimls.The results show that, politically connected firms are more likely to receive venture capital and to donate. Meanwhile, the venture capital have no influence on the corporate philanthropy in politically connected firms. We classify political connections as ＂government officials＂con- nections and ＂members of People＇s congress or Chinese people＇s Political Consultative Conference＂connections.The results show that only members of People＇s congress or Chinese people＇s Political Consultative Conference connections have a positive correlation with corporate philanthropy. Moreover, an implicit relationship with government officials has no influence on the chance of receiving more venture capital.