| 声誉、政治关系与企业垂直整合 |
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| 引用本文： | 张天舒,黄俊. 声誉、政治关系与企业垂直整合[J]. 财经研究, 2011, 0(12): 27-38 |
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| 作者姓名： | 张天舒 黄俊 |
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| 作者单位： | 上海对外贸易学院会计学院;上海财经大学会计与财务研究院; |
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| 基金项目： | 国家自然科学基金资助项目(71102136); 教育部人文社会科学重点研究基地重大研究项目(11JJD790008);教育部人文社会科学研究青年项目(11YJC790284,10YJC790094); 中国博士后科学基金; 上海市教育委员会科研创新项目; 上海财经大学“211工程”三期重点学科建设项目的资助 |
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| 摘 要： | 文章针对我国经济转轨的实际,利用上市公司数据,实证考察了声誉和政治关系对企业垂直整合的影响。研究发现,由于较易与利益相关者订立合约,声誉良好企业垂直整合的程度较低;相反,政治关联企业更有动机和能力通过涉足上下游产业来攫取垄断利润,从而垂直整合的程度较高。基于制度环境的分析显示,声誉和政治关系对企业垂直整合的影响在弱制度环境下更为明显。此外,公司所有权也影响了声誉、政治关系与垂直整合间的关系。声誉良好的民营企业表现出更低的垂直整合度,而有政治关联的国有企业进入上下游产业的动机更强。
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| 关 键 词： | 声誉 政治关系 企业垂直整合 制度环境 所有权 |
Reputation,Political Connections and Corporate Vertical Integration |
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| ZHANG Tian-shu,HUANG Jun. Reputation,Political Connections and Corporate Vertical Integration[J]. The Study of Finance and Economics, 2011, 0(12): 27-38 |
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| Authors: | ZHANG Tian-shu HUANG Jun |
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| Affiliation: | ZHANG Tian-shu1,HUANG Jun2(1.Accounting School,Shanghai Institute of Foreign Trade,Shanghai 201620,China,2.Institute of Accounting and Finance,Shanghai University of Finance and Economics,Shanghai 200433,China) |
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| Abstract: | Under the background of transitional economy,this paper empirically studies the impacts of reputation and political connections on corporate vertical integration based on the data of listed companies.The results indicate that firms with sound reputations are less likely to be vertically integrated because it is easier for them to contract with stakeholders;on the contrary,politically connected firms have the stronger motive and capability for grabbing monopolistic profits by entering upstream and downstream... |
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| Keywords: | reputation political connection corporate vertical integration institutional environment ownership |
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