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博碩士論文 etd-0215108-122036 詳細資訊
Title page for etd-0215108-122036
論文名稱
Title
探討政商關係與公司績效之關係-以中國大陸上市企業為例
The Relation between Performance and Political Connection- Evidence from China listed Corporations
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
55
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2008-01-29
繳交日期
Date of Submission
2008-02-15
關鍵字
Keywords
二階回歸、政權轉移、企業結構、企業績效、政商關係
Two-stage Regression, Company Structure, Power Transition, Political Connection, Performance
統計
Statistics
本論文已被瀏覽 5717 次,被下載 1348
The thesis/dissertation has been browsed 5717 times, has been downloaded 1348 times.
中文摘要
政商關係對企業是助力還是阻力?以中國大陸市場為例,研究發現政商關係會增加企業股東報酬率但也顯著減少資產報酬率,這結果在民營企業上更為顯著。此外,當政商關係的來源是高階主管和董監事擔任政治協商委員或企業黨組織入主董事會時,其影響力都比擔任人大代表大。
文中也探討在2003年,胡景濤擔任中國共產黨書記和中國人民共和國國家主席後,擁有政商關係的企業績效是否在政權轉移後有變差。研究發現在政權轉移後維持政商關係的企業公司績效僅在短期間有影響,長時間並有沒差異;但在2003年後建立或失去政商關係的企業對績效並沒有顯著差異。
Abstract
The results show that political connection has positive relation with ROE, but negative with ROA which means businessmen seek rent by from government and meanwhile, politicians extract rents from companies they manage. If members of Committee of the Chinese’s People’s Political Consultative Conference and firms’ Community Party also serving on the board have great influence on firms’ performance and resource. Besides, poor performance does not lead firms to gain political connection. Most import, power transition does not influence firms’ value, especially those with old political connection.
目次 Table of Contents
1. Introduction………………………………………………………….8
2. The literature review and hypotheses……………………………..11
2.1. Performance and Political Connection ……………………………………….11
2.2. Performance and Government Transition …………………………………..13
2.3. Hypotheses of Research ……………………………………………………….14
3. Methodology and Variable Definition …………………………….16
3.1. Date …………………………………………………………………………….16
3.2. Variable Definition …………………………………………………………….17
3.2.1. Political connection (Pol) …………………………….……………………17
3.2.2. Performance (PE) ………………………………………………………….19
3.2.3. Control variables …………………………………………………………..19
3.2.4. Company structure ………………………………………………………..20
3.3. Method ………………………………………………………………………….21
3.3.1. Performance and political connection ……….…………………………...21
3.3.3. Performance and power transition …………………………………….…21
4 Empirical results …………………………………………………….22
4.1. Descriptive Statistic ……………………………………………………………22
4.1.1. Descriptive Statistic of variables ………………………………………….22
4.1.2. Firms with political connection …………………………………………...22
4.1.3. Firms with political connection by corporate ……………………………30
4.1.4. Political connection and performance ……………………………………36
4.2. Relationship between Performance and Political connection ………………38
4.3. Power Transition ………………………………………………………………48
5. Conclusions …………………………………………………………52
References ……………………………………………………………..54
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