企业家政治关联对创业企业绩效影响的实证研究

An Empirical Study on the Impact of Entrepreneurs' Political Connections on the Performance of Entrepreneurial Enterprises

作为社会资本重要构成的企业家政治关联对创业企业绩效具有重要影响。通过理论分析探讨了企业家政治关联与创业企业各成长阶段绩效的关系,并提出相关假设。以CV Source、私募通数据库2015—2017年创业企业数据为样本进行实证检验,结果表明:企业家政治关联对创业企业各阶段绩效发挥的作用不尽相同。其中,企业家政治关联对创业企业初创期、成长期绩效存在显著的正向影响,而对创业企业成熟期绩效存在显著的负向影响。该结论对正确认识企业家政治关联的真正作用具有启发意义,它或积极、或消极的影响有助于创业企业合理地培育、利用这些关系资本。

As an important component of social capital,entrepreneurs'political connections have an important impact on the performance of entrepreneurial enterprises.Through the theoretical analysis,this paper discusses the relationship between entrepreneurs'political connections and the performanceof entrepreneurial enterprises on various stages of growth,and also puts forward relevant assumptions,and then conducts an empirical test with the data of CV Source and private equity database for the years of 2015-2017 as samples.The results show that the role of entrepreneurs'political association plays different roles in the performance of various stages of the enterprises.Among them,the entrepreneurs'political relevance has significantly positive impact on the performance of entrepreneurial enterprises on the stage of start-up and growth,while has obviously negative impact on the performance of enterprises on the stage of maturity.This conclusion has certain enlightening significance in understanding the true role of entrepreneurs'political association,and its positive or negative influence will help the entrepreneur to cultivate and use the relationship capital reasonably.