政治关联与我国民营上市企业的多元化投资

本文以2010年我国沪深民营上市企业为研究对象,研究民营上市企业的政治关联对民营企业多元化投资的影响.研究发现:1.民营上市企业的政治关联对其多元化程度的影响是显著为正的,当民营上市企业的政治关联划分为代表委员类政治关联、前政府官员类政治关联和政府行业协会类政治关联之后,只有代表委员类政治关联对民营上市企业多元化程度有...

Political Connection and Diversification of Chinese Listed Private Enterprises

In this paper,we will use the sample of all the private listed companies in China of the year of 2010.After controlling the other related variables in the course of empirical research,we find that:(1)Overall,political connection has a significant positive influence on the diversification of the private listed companies.When the political connection of the representative of the private listed companies is divided into political connection on behalf of NPC or CPPCC members,former government officials,government trade associations,only the type of political connection on behalf of NPC or CPPCC members has a significant positive correlation to diversification,while the other two kind has no significant relationship with the diversification.(2)The improvement of the institutional environment can not weaken the political connection of private listed companies,but it improves the impact of political connection to the diversification of private listed companies,but the impact is not significant.