基于中介效应模型的政府补贴、政治关联与民营上市企业价值研究

Research on Government Subsidy,Political Association and Value of Private Listed Enterprises Based on the Mediation Effect Model

以民营企业价值为研究切入点,利用2008~2017年A股上市民营企业数据,根据政策变化将样本分为两个时期,以政治关联为中介变量构建中介效应模型,检验政治关联对政府补贴与民营企业价值之间的中介传导效应。研究结果表明:政府补贴、政治关联与民营企业价值表现出显著正相关关系,并且政治关联在政府补贴与民营企业价值的关系中发挥中介作用。政治关联的中介效应表现为民营企业建立政企关系在一定程度上获得政府补贴,从而提高民营企业的价值,但随着“新型政商关系”等政策的提出,这种效应出现逐步减弱的趋势。

Based on the data of a-share listed private enterprises from 2008 to 2017,this paper divides the samples into two periods according to policy changes,and the mediating effect model is constructed with political correlation as the mediating variable to test the mediating effect of political correlation on government subsidies and private enterprise value.The results show that:government subsidies,political association and private enterprise value show a significant positive correlation,and political association plays an intermediary role in the relationship between government subsidies and private enterprise value.The mediating effect of political connection shows that private enterprises can obtain government subsidies to some extent in establishing government-enterprise relationship,so as to improve the value of private enterprises.However,with the introduction of 4 new political-business relationship*and other policies,this effect gradually weakens.