我国民营企业高管政治关联对投资水平的影响研究

The Influence of Political Association on Investment Level in China's Private Enterprises

通过以2016年全国两会上习近平总书记提出的用"亲"、"清"两字定义的新型政商关系为出发点,实证检验了民营企业高管政治关联对企业投资水平的影响。以2014-2016年我国沪深A股上市民营企业为研究样本,采用Ri char ds on模型衡量企业的非效率投资,对面板数据进行描述性统计,观察政治关联对投资规模的影响,在相关性分析的基础上,利用多元线性回归模型研究两者之间的关系,得出与非政治关联民营上市企业相比,政治关联民营企业的投资规模更大。政治关联扩大投资水平的同时也有降低投资效率的可能,源于它会带来投资规模的非正常增长。因此,资源的自由配置、公平开放的市场环境才会促进民营企业投资规模的正常扩张,提高投资效率。

Starting from the new relationship between politics and commerce which defined by two words of"Qin"and"Qing"and put forward by xi Jinping in the 2016 national two sessions,the empirical test shows the influence of political association on investment level in private enterprises.The study takes Shanghai and Shenzhen A-share listed private enterprises from 2014 to 2016 as the research sample,adopts Richardson model to measure the inefficient investment,carries on the descriptive statistics to panel data and observes the influence of political association on investment scale.Based on the correlation analysis and multiple linear regression model,it is concluded that compared with nonpolitical association private listed enterprises,political association private enterprise investment scale is larger.The potential for a reduction in investment efficiency as well as an increase in the level of investment is due to an abnormal increase in the size of investment.Therefore,the free allocation of resources and fair and open market environment will promote the normal expansion of the investment scale of private enterprises and improve the investment efficiency.