高管政治背景与民营企业盈利能力的实证研究

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。

Political Connection and company's Profitability: Evidence from China Individual-controlled Listed Firms

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 profitability than those with central political connections and executives in those companies with political background also have different effect on the com...