政策不确定性与企业的非市场战略——基于中国家族上市公司的实证分析

Policy Uncertainty and Firms’Non-Market Strategy——An Empirical Analysis Based on Listed Chinese Family Companies

家族企业在何种情境下倾向于诉诸非市场战略,这一学术问题广受关注但并没有一致的结论。本文基于政策不确定性视角,检验了官员更替与家族企业非市场战略构建之间的关系,并基于中国沪深上市公司的面板数据进行了实证分析。结果发现:政策不确定性明显提高了家族企业的非市场战略投入,但这种作用也受到了企业业绩状况以及媒体报道的影响。具体而言,随着期望落差的增加,政策不确定性对家族企业非市场战略投入的正向作用也随之增强;而媒体报道则在一定程度上修正了政策不确定性对家族企业非市场战略投入的正向作用。进一步研究发现,较低的政策不确定性(市委书记来自本地或反腐败政策执行之后)将减弱家族企业的非市场战略动机。本文的研究结果表明,因地方官员更替产生的政策不确定性是导致家族企业非市场战略投入的一个重要原因,但媒体的外部治理和反腐败政策能够在一定程度上约束企业的行为,上述研究结论支持了正在进行中的政治体制改革和反腐败政策。

In what context family firms tend to resort to non-market strategies?This academic issue has attracted wide attention,but there is no consistent conclusion.Based on the perspective of policy uncertainty,this paper examines the construction mechanism of family firms’non-market strategy during the change of officials by using the event of"quasi-natural experiment"such as the replacement of the secretary of the regional municipal party committee.An empirical analysis is carried out based on the panel data of listed companies in Shanghai and Shenzhen in China.The results show that policy uncertainty significantly increases the non-market strategic investment,but this role is also affected by corporate performance and media reports.Specifically,the response of those family firms in the state of aspiration gap will be more obvious,that is,with the increase of aspiration gap,the positive effect of policy uncertainty on family firm’s non-market strategic investment will also increase.At the same time,this paper finds that media reports correct the positive effect of policy uncertainty on family firm’s non-market strategic investment to a certain extent.Further study finds that lower policy uncertainty(the municipal party secretary comes from the local or the implementation of anti-corruption policies)will weaken the non-market strategic motivation of family firms.The results of this paper show that the policy uncertainty caused by the change of local leaders is an important reason for the non-market strategic investment of family firms.However,the external governance and anti-corruption policies of the media can restrain the behavior of firms to a certain extent.The above research conclusions support the ongoing political system reform and anti-corruption policies.