政治关系“力量”与民营企业价值研究:腐败的调节效应

从社会网络理论的强弱关系视角对2012-2014年福布斯中国富豪榜的企业家及其企业进行了政治关系的度量,检验了腐败是否会调节政治关系"力量"对企业价值的影响。研究发现,企业家本身所具有的政治关系对企业价值具有明显的正向影响作用,关系的"力量"越强,对企业价值的正向影响就越大;与此同时,腐败的出现会强化政治关系"力量"对民营企业价值的影响。通过分组验证发现,这种"力量"在腐败程度较高环境下更易对企业价值产生正向影响,但在腐败程度较低的环境中,政治关系对民营企业价值的影响很多时候并不显著。

The Research between Political Relationship's Power and Value of Private Enterprises:the Moderating Effect of Corruption

Based on social network theory of the strong tie and weak tie perspective ,we define and measure political rela‐tionship strength and analysis corruption impact on the regulation of political relationship .In this paper ,it uses Forbes China rich list and their enterprises as the research sample in 2012 -2014 .The results show that political relationship has a significant positive effect on the enterprise value ,and the strength of senior political relationship is more effective and persuasive .At the same time ,it finds out that the political relationship in the higher areas of corruption is more prone to positive role .While in the lower areas of corruption ,the political relationship of the entrepreneur has not a significant im‐pact on their business .This study provides a new perspective on the measurement of political relationship ,and the theo‐retical support for the current anti‐corruption action in China .