最新政治关联与上市民营企业绩效的实证分析.pdf

Abstract The ubiquity of political connection among enterprises which was firstly mentioned by Krueger(1974), has offered a new angle for both domestic and overseas scholars and from this, studies about the political connection of enterprises started to appear. However, whether it has a positive effect on the enterprise performance or not has not been reach an agreement by domestic and overseas scholars and a reason for this, can be the difference of the institutional environments. As the legal system in our country for protecting the rights of private enterprises still remains some defects, the enterprises may choose to build a political connection with local governments to make up those imperfections. Questions may arise from here, in our country, whether the effects from political connections exist on the private enterprise performance and if it does exist, are there more good effects or bad effects? From this point, the study about the effects of political connection among private enterprises and local governments are meaning for both the study itself and the private enterprises. This research has taken a sample of 1,938 private enterprises form Shanghai and Shenzhen and built a regression model under the condition of taking control of the related variables of company characteristics and company governances to examine, firstly, the effects of political connection on enterprises performance and then the effects of political connections with local and central governments on those companies, thirdly, whether the percentage of the numbers of people who has a political connection with governments can affect the