新型政商关系的投资效率治理效应研究--来自中国A股市场的经验证据

Research on Effects of New Government-Business Relationship on Investment Efficiency Governance:Empirical Evidence from China’s A-Share Market

以中国A股上市企业为研究对象,本文实证分析新型政商关系对企业投资效率的影响。研究发现,新型政商关系存在投资效率治理效应,其通过提高企业信息披露质量改善企业透明度,提升商业信用水平促进企业间合作,对企业投资效率产生积极影响。此外,“亲近”“清白”的新型政商关系均能有效提高企业投资效率,且其主要通过政府关心、政府服务、政府廉洁、政府透明四个方面对企业投资效率进行治理。进一步研究还发现,新型政商关系对政治关联程度较弱企业、非国有企业的投资效率治理效果更大更显著,而且更多地对企业投资不足导致的投资效率低下发挥治理作用。本文有助于厘清政府和企业的边界,为推动“亲”“清”新型政商关系发展、治理长期以来企业投资效率不高问题提供了经验证据与思考方向。

Taking China’s A-share listed enterprises as the research object, this paper empirically analyzes the impact of the new government-business relationship on the investment efficiency of enterprises. It is found that the new governmentbusiness relationship has the governance effect of investment efficiency, and this relationship improves corporate transparency by improving the quality of corporate information disclosure, and meanwhile enhances commercial credit levels to promote cooperation between companies, which indirectly has a positive effect on the efficiency of corporate investment. Besides, the “close” and “clean” government-business relationship can effectively improve the investment efficiency of enterprises, and govern the investment efficiency of enterprises through four aspects: government care, government service, government integrity and government transparency. Further research also found that the new government-business relationship has a greater and more significant effect on the investment efficiency governance of enterprises with weaker political connections and non-stateowned enterprises. Moreover, the new government-business relationship plays a governance role in the low investment efficiency caused by insufficient enterprise investment. This study helps to deeply understand the boundary between the government and enterprises, and provides empirical evidence and thinking direction for promoting the development of the “close” and “clean” new government-business relationship and solving the long-lasting problem of enterprises’ low investment efficiency.