政治联系、股权性质与公司业绩

发布时间：2017-12-27 19:14

  本文关键词：政治联系、股权性质与公司业绩　出处：《财会月刊》2015年35期 　论文类型：期刊论文

  更多相关文章： 政治联系 公司业绩 股权性质

【摘要】：政治联系是一把"双刃剑"。本文以2009~2014年工程机械行业上市公司数据为样本,实证检验政治联系与公司业绩的关系。研究结果表明,政治联系与公司业绩呈N型关系,即随着政治联系的增强,公司业绩先上升、后下降、再上升。而且这种非线性关系因公司股权性质的不同而表现出差异:非国有上市公司政治联系与公司业绩是典型的N型关系,但国有上市公司由于管理者行政任命、"准官员"晋升等特殊制度因素,政治联系与公司业绩关系呈现倒U型。本文研究对于厘清政治联系对公司业绩的作用机制及效果、引导不同股权性质公司合理运用政治联系具有一定的指导意义。
[Abstract]:Political connection is a "double-edged sword". In this paper, we take the data of the listed companies in the engineering machinery industry in 2009~2014 as the sample to test the relationship between the political connection and the company's performance. The results show that the relationship between political links and corporate performance is N - type, that is, with the increase of political connections, the company's performance is first, then, then down, and then rise. But because of the nonlinear relationship between the equity nature of different by: political connections and corporate performance of non state-owned listed company is N typical relationship, but the state-owned listed company as the manager of the "quasi official" administrative appointment, promotion and other special institutional factors, the relationship between political connections and corporate performance of inverted U type. This study is of guiding significance to clarify the mechanism and effect of political connections on company performance, and guide different companies to make rational use of political connections.
【作者单位】： 徐工集团工程机械股份有限公司;徐州徐工筑路机械有限公司;中国矿业大学管理学院;
【分类号】：F271;F275;D0
【正文快照】： 一、引言政治联系在全球范围内普遍存在,尤其是在产权保护环境较弱的国家和地区(罗党论、唐清泉,2009;Chaneyet al.,2011),政治联系对公司的作用更明显、更重要。公司与政府部门或官员建立并保持良好的关系,在一定程度上能够获取法律制度尚未允许提供的产权保护、融资便利、财，

本文编号：1342841