摘要
本文以我国2003-2007年在沪深交易所上市的民营企业为样本,实证研究了政治关系对民营企业盈利能力的影响,结果发现,高管的政治背景对公司盈利能力有显著的正面影响。进一步的研究还发现,高管的地方政治背景对公司盈利能力的正面影响要比中央政治背景的影响显著,而且董事长(副董事长)的政治背景对公司盈利能力的正面影响要比总经理的政治背景的影响显著。这些结果表明,政治关系是一种有价值的资源,有利于民营企业的发展。
This study purposes to examine the link between political connection and the company＇s profitability in China＇s listed firms. Using samples of individual-controlled firms during 2003 - 2007, we find that political connection have positive effect on the company＇s profitability. Moreover, our result shows that firms with local political connections have higher profit- ability than those with central political connections and executives in those companies with political background also have different effect on the company＇s profitability. These findings suggest that political connection is valuable and can improve those companies＇ performance.
出处
《南方经济》
CSSCI
北大核心
2010年第5期60-68,45,共10页
South China Journal of Economics
关键词
民营企业高管
政治背景
盈利能力
Individual-controlled Firms
Political Connection
Profitability
