政企关系与企业特质风险

Government-enterprise Relationship and Firm Idiosyncratic Risk

民营企业是中国经济社会发展的重要力量,在就业、税收和促进经济发展等方面发挥着重要作用。然而相对于国有企业,民营企业在获取关键资源和营商环境等方面仍处于劣势。民营企业家参政议政构建的政企关系成为正式制度不完善时的替代机制,对民营企业的长远发展至关重要。政企关系既可能有助于民营企业应对特质风险,又可能加剧民营企业特质风险,已有研究尚未针对二者关系给出系统的理论梳理和实证检验。以2008年至2016年沪深两市民营上市企业为研究样本,手工收集民营企业家参政议政的数据,运用CAPM单因素模型、Fama-French三因素模型和Fama-French五因素模型测量企业特质风险,采用最小二乘多元回归方法实证检验民营企业家参政议政建立的政企关系对企业特质风险的影响。进一步地,利用中介因子检验法,检验政企关系影响企业特质风险的作用机理。研究结果表明,政企关系与企业特质风险显著负相关;运用Heckman两阶段控制可能的自选择问题后,政企关系与企业特质风险仍显著负相关;运用倾向得分匹配法测试二者的关系,发现企业特质风险在处理组与控制组之间存在显著差异,处理组特质风险显著更低。进一步基于中介效应检验考察政企关系影响企业特质风险的作用机理,发现政企关系缓解了融资约束,进而有助于民营企业有效应对特质风险;相对于弱政企关系,强政企关系对企业特质风险的影响更为显著。研究结果丰富和拓展了政企关系经济后果研究,回答了政企关系影响企业特质风险的作用机理,为政企关系研究提供了新的视角;提升了对企业特质风险影响因素的认知,融资约束是企业特质风险的重要来源和影响因素;为民营企业有效应对和化解企业风险提供了重要借鉴,具有启示意义。

Private firms,as an important driving force for China’s economic and social development,play an important role in employment,taxation and boosting economic development. However,in comparison to state-owned firms,private firms fail to secure competitive advantages for the access of key resources and management of business environment. By participating in political life,private entrepreneurs essentially establish a government-enterprise relationship that becomes an alternative frame work for political economics given that the current institution is imperfect. This is crucial for private firms in obtaining a long-term development that is sustainable. Potentially,there are two distinctive effects that government-enterprise relationship may have on the firm’s management of idiosyncratic risk. That is,government-enterprise relationship can either tame or exacerbate the detrimental impact of idiosyncratic risk for the private firms. Currently,systemic analysis and empirical test are absent in literature to provide theoretical explanation for the correlation between government-enterprise relationship and firm idiosyncratic risk.By employing the Capital Asset Pricing theory,this paper samples numerous private companies that are listed on the capital market of Shanghai and Shenzhen from 2008 to 2016. This paper also collects the data that illustrate political participation by the private entrepreneurs. By applying CAPM model,Fama-French three-factor model and Fama-French five-factor model to the measurements of firm idiosyncratic risk,this paper studies the effect that government-enterprise relationship has on idiosyncratic risk. Further,by employing mediating effects analysis method,this paper tests the mechanism which government-firm relationship affects firm idiosyncratic risk.This paper finds that government-enterprise relationship exhibits a negative correlation for firm idiosyncratic risk. The result indicates that government-enterprise relationship facilitates an improved firm response to idiosyncratic risk. This paper employs Heckman correction and propensity score matching technique for the elimination of endogeny that confirms the validity of our conclusion. Furthermore,this paper finds that government-enterprise relationship eases financial constraints which reduces firm idiosyncratic risk. Compared to a weak government-enterprise relationship,strong government-enterprise relationship can affect firm idiosyncratic risk to a greater extent.By identifying the underlying mechanism of government-firm relationship,this paper provides a new angle to the understanding of political economics that recognizes the insight of firm idiosyncratic risk. This study enhances our understanding of the factors that influence the idiosyncratic risk. The financial constraint is an important source and influencing factor of firm idiosyncratic risk. Our findings offer an important reference for private firms to effectively cope with and resolve corporate risk,and have enlightenment significance.