企业边界人员的私人关系与企业绩效——基于中国市场数据的元分析检验

企业边界人员与外部利益相关者发展私人关系是新兴市场中的普遍现象，但是“私人关系”是否真的会提升企业绩效？当前文献对此问题并未给出一致结论。文章基于105篇使用中国市场数据的中英文文献，运用元分析技术（Meta-Analysis)考察了私人关系对企业绩效的影响，并分析了企业所处的制度环境和市场环境，企业的生命周期、规模、所有制形式等内部特征对上述影响的调节作用。通过对392个效应值的集成分析，文章发现，尽管私人关系确实能提升企业绩效（ｒ=0.167），但是不同层面的私人关系（政治联系和商业联系）对不同类型的企业绩效（财务绩效、运营绩效和战略绩效）所产生的影响存在差异。同时制度环境、市场环境、企业特征均会显著地调节私人关系对企业绩效的影响。上述结论为新兴市场中的企业如何将私人关系转化为企业绩效提供了指导。

Personal Relationship and Firm Performance：A Meta-analysis Based on the Data from the China Market

Personal relationship between boundary spanners and external stakeholders（i.e. guanxi） is a common phenomenon in the emerging markets like Chain. Will guanxi help firms improve their performance? The current literature did not give a consistent conclusion on this question. By adopting the research method of Meta-analysis, based on 105 important relevant studies on Chinese market, we have explored the impact of the guanxi on firm performance and its boundary conditions. We test valuable moderating factors including the factors of institutional environment and market environment and intra-organization characteristics such as firm ownership, size and life cycle. Through integrating 392 effect value analysis, the study shows that, guanxi can really improve firm performance (r=0.167), but the impacts of guanxi on performance vary significantly in the types of guanxi （political ties or business ties） and the category of performance （financial performance, operational performance and innovation performance）. Meanwhile, institutional environment, market environment, firm ownership and size and performance measurement methods moderate the relationship between guanxi and performance.