摘要
在经济“新常态”下,民营企业建立党组织是大势所趋,形成了“中国特色”的公司治理机制。本文基于2003—2021年中国A股民营上市公司数据,手工收集兼任上市公司董事、监事和高管的党组成员信息,实证考察党组织参与公司治理对民营企业绩效的影响。研究发现,党组织参与民营企业治理程度的提高会使得企业资产回报率显著上升。在采取多种方法控制内生性问题后,这一正向促进作用依然存在。机制分析发现,党组织参与公司治理通过缓解企业信贷约束、提升企业政策认知水平以及保护企业员工合法权益提高民营企业的经济绩效。本文全面系统地研究了民营企业党组织建设的效果及作用机制,不仅为“中国特色”公司治理机制的有效性提供了证据支持,还为非公有制企业进一步开展党建工作提供了政策依据。
Under the“new normal”of the economy,it is a trend for private firms to establish party organizations,forming a corporate governance mechanism with“Chinese characteristics”.Based on the data of A-share private listed firms from 2003 to 2021,this paper manually collects information on party members who concurrently serve as directors,supervisors,and executives of listed companies and empirically studies the effects of the involvement of party organizations in corporate governance on the performance of private firms.We find that a private firm's ROA increases significantly after the increase in the degree of party organization participation in corporate governance.This finding stil holds afer we use several methods to deal with endogeneity issues.The mechanism analysis suggests that the participation of the party organization in corporate governance improves private firms'performance by alleviating credit constraints,enhancing policy awareness,and protecting the legitimate rights and interests of employees.In short,this paper systematically analyzes the effects and mechanisms of party organization building in private firms,which not only provides evidence to support the effectiveness of corporate governance mechanisms with“Chinese characteristics”,but also offers the policy basis for further party building work in non-public firms.
作者
程磊
郑前宏
Cheng Lei;Zheng Qianhong(Economics and Management School,Wuhan University)
出处
《经济评论》
北大核心
2023年第5期53-70,共18页
Economic Review
基金
武汉大学自主科研项目(人文社会科学)研究成果
“中央高校基本科研业务费专项资金”资助
国家自然科学基金项目“政治关联丧失对企业绩效的影响及企业的应对策略”(批准号:71703113)的资助。
关键词
党组织
企业绩效
公司治理
民营企业
Party Organization
Firm Performance
Corporate Governance
Private Firms JEL Classification:L25
016
P26
