企业捐赠背景下的民营企业政治关联与投资行为研究

发布时间：2018-05-13 15:39

本文选题：政治关联 + 投资行为　；参考：《浙江工商大学》2017年硕士论文

【摘要】：政治关联一般指的是企业与政府之间建立的紧密政治联系,企业谋求政治关联在世界各国都普遍存在。在我国这样由计划经济向市场经济转轨的发展中国家,政府在市场中仍旧扮演着至关重要的角色,对企业的生产经营与市场竞争产生重大影响,与国有企业相比民营企业存在天然的劣势,因此民营企业普遍寻求与政府建立政治关联以获得竞争优势,获得可持续发展必要的资源,如低利率低约束力的融资门槛、更低的行业门槛、更优惠的税收政策等;民营企业通过政治关联可以获得一些竞争优势,但也会因为政治关联使得企业自身的投资决策受到一定的影响。在建立政治关联方式的选择上,目前通过捐赠的方式变得越来越普遍。企业用捐赠的方式不仅达到了树立企业正面社会形象的目的,更重要的是满足了政府的相关诉求,无形中与政府达成了默契,使得政府与企业实现双赢,政治关联由此确立。因此,本文采用企业捐赠这一变量来衡量政治关联。由此可见,研究政治关联对我国民营企业投资行为的影响,不但具备重要的理论意义,更具备重要的实际意义。本文以2011-2015年A股所有上市民营企业为原始样本,在原始样本的基础上剔除金融业、ST企业以及没有主营业务等相关样本后得到的6048组数据为实证样本,建立了以政治关联为自变量,投资支出、多元化投资、过度投资为因变量的多元线性回归模型,来研究政治关联对民营企业投资行为的影响。本文的最后研究结果表明:(1)政治关联对我国民营企业的投资行为影响十分显著。在控制其他条件的情况下,相比没有政治关联的企业,政治关联企业由于政府给予的融资利率优惠以及放宽融资条件和融资约束等一系列政策支持,使得政治关联企业有着更多的外部融资便利,从而降低其对内部融资的依赖程度,最终导致政治关联企业有着更低的投资-内部现金流敏感性。政治关联不仅能降低企业的投资-内部现金流敏感性,而且也会导致企业更多的投资支出,也使企业更倾向于多元化投资。这主要是因为政治关联能帮助企业获得融资便利的同时,也能使企业享受到税收优惠、降低企业的行业准入门槛、获得更多的投资信息等一系列政府支持。(2)政治关联使企业扩大了投资支出,但同时也降低了企业的投资效率,这主要表现在企业的过度投资上。相比没有政治关联的企业,政治关联企业更容易发生过度投资,且政治关联水平越强,企业的过度投资也越多。这主要是因为两方面原因:一方面政治关联企业为了建立或巩固其政治关联水平,不得不迫于政府的压力进行一些有利于地方政府但却于企业自身不利的投资,帮助地方政府官员达到他们的政绩考核目标。政治关联企业进行的这些不利于企业自身价值最大化的投资,很容易造成企业的过度投资。另一方面,政治关联企业由于背后有政府的支持,企业高管往往会产生过度自信,高估自己的能力,从而过高地判断了投资的成功率,造成过度投资。(3)地域因素对民营企业政治关联和过度投资之间的关系有显著的影响,中西部地区企业政治关联与过度投资的正相关关系比东部地区更显著。这主要是因为与东部发达地区相比,中西部地区由于经济不如东部地区发达,市场化改革不够彻底,政府信息不够公开透明,政府在市场中发挥着重要的作用,中西部民营企业对政府的依赖程度较大,与政府的关系密切,这些因素导致中西部地区企业的政治关联与过度投资之间的正相关关系比东部地区企业更为显著。
[Abstract]:Political connection generally refers to the close political connection between the enterprise and the government, and the enterprise seeks political connections in all countries all over the world. In the developing countries such as the planned economy to the market economy, the government still plays a vital role in the market, and the production and operation of the enterprise and the market competition are produced. As a result, the private enterprises have a natural disadvantage compared with the state-owned enterprises. Therefore, private enterprises generally seek to establish political connections with the government in order to obtain competitive advantages, obtain the necessary resources for sustainable development, such as low interest rate and low binding financing threshold, lower barriers to industry, and more preferential tax policies; private enterprises pass through political affairs. It can get some competitive advantages, but it will also make a certain influence on the investment decision of the enterprise because of the political connection. In the choice of establishing the political connection mode, it is becoming more and more common through the way of donation. The way enterprise use not only achieves the purpose of setting up the positive social image of the enterprise, but also more important. It meets the relevant demands of the government, and has achieved a tacit agreement with the government, which makes the government and enterprise achieve a win-win situation and the political connection is established. Therefore, this paper uses the variable of enterprise donation to measure the political relevance. Thus, it can be seen that the study of the influence of political relevance on the investment behavior of private enterprises in China has not only an important theoretical meaning. On the basis of the original sample, this paper, based on the original sample, exclude the 6048 groups of data obtained from the related samples, such as the financial industry, the ST enterprise and the non main business, on the basis of the original sample, and set up the independent variables, the investment expenditure and the diversified investment, based on the original sample of the 2011-2015 year A stock listed private enterprises. Over investment is the multivariate linear regression model of dependent variables to study the influence of political connections on the investment behavior of private enterprises. The final results of this paper show that: (1) political relevance has a significant impact on the investment behavior of private enterprises in China. Under the control of other conditions, the political related enterprises are compared with those without political connections. As a result of a series of policy support, such as the preferential financing interest rate given by the government and the relaxation of financing conditions and financing constraints, the political related enterprises have more external financing facilities, thus reducing their dependence on internal financing, which eventually leads to a lower investment in the political related enterprises - the sensitivity of the internal cash flow. It can not only reduce the sensitivity of the enterprise investment - the internal cash flow, but also lead to more investment and diversification of the enterprise. This is mainly because the political connections can help the enterprises to obtain the financing convenience, but also enable the enterprises to enjoy the preferential tax benefits, reduce the industry access threshold and gain more. A series of government support such as investment information. (2) the political connection makes the enterprise expand the investment expenditure, but also reduces the investment efficiency of the enterprise, which is mainly manifested in the overinvestment of the enterprise. Compared with the enterprises without political connections, the political related enterprises are more likely to overinvest, and the stronger the political connection level, the overinvestment of the enterprises. More and more, this is mainly because of two reasons: on the one hand, in order to establish or consolidate its political connection level, the political related enterprises have to be under the pressure of the government to carry out some investment that is beneficial to the local government but are unfavorable to the enterprise itself, helping the local government officials to reach their achievement assessment goals. On the other hand, because of the support of the government, the executives often produce overconfidence and overestimate their ability, and then judge the success rate of investment and cause excessive investment. (3) regional factors to the people. There is a significant influence on the relationship between the political association and overinvestment in the business. The positive correlation between the political association and overinvestment in the central and western regions is more significant than that in the eastern region. This is mainly because the central and western regions are less developed than the eastern regions, and the market reform is not thorough enough, and the government information is not enough. It is not open and transparent, the government plays an important role in the market. The central and western private enterprises are more dependent on the government and closely related to the government. These factors lead to the positive correlation between the political connections and overinvestment in the central and western regions more significant than those in the eastern region.

【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D0;F275

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