Please use this identifier to cite or link to this item:
標題: 中國上市公司政治關係對公司價值之影響
The Effect of Political Connection on Firm Value
作者: Hung-Yi Lu
關鍵字: 政治關係;中國市場;公司價值;Connection;China Market;Firm Value
引用: 一、中文文獻 李馨蘋、莊宗憲(2007)。公司治理機制與公司績效之實證研究.。 陳佳斌(2001)。董事會之政治角色-以 100 家上市公司為例。 周明徹(2004)。政商關係對企業價值的影響。 林小馳、孫馨蕊、王立彥(2006)。政商關係、地方官員晉升與公司市場績效-來自中國上市公司的證據 曹吟華(2008)。探討政商關係與公司績效、治理及獲取利益之關係。 簡曉薇(2002)。大陸民營化與公司治理之長期績效研究。 潘紅波、夏新平、余明桂(2008)。政府干預、政治關聯與地方國有企業併購。 吳文鋒、吳衝鋒、劉曉薇(2008),中國民營上市公司高管的政治背景與公司價值。 鄧建平、曾勇(2009)。政治關聯能改善民營企業的績效嗎。 羅黨論、黃瓊宇(2008)。民營企業的政治關係與企業價值。 二、英文文獻 Adhikari, A., Derashid, C., & Zhang, H. (2006). Public policy, political connections,and effective tax rates: Longitudinal Evidence from Malaysia Journal of Accounting and Public Policy, 25(5), 574-595. Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 31(03), 377-397. Barnhart, S. W., & Rosenstein, S. (1998). Board composition, managerial ownership, and firm performance: An empirical analysis. Financial Review,33(4), 1-16. Berkman, H., Cole, R. A., & Fu, L. J. (2011). Political connections and minority-shareholder protection: Evidence from securities-market regulation in China. Bertrand, M., Kramarz, F., Schoar, A., & Thesmar, D. (2008). Political connections and corporate performance: An analysis on French CEOs. Working paper, HEC Paris. Bhagat, S., & Black, B. (1999). The uncertain relationship between board composition and firm performance. The Business Lawyer, 921-963. Boubakri, N., Cosset, J. C., & Saffar, W. (2012). The impact of political conections on firm's operating performance and financing decisions. Journal of Financial Research, 35(3), 397-423. Boubakri, N., Guedhami, O., Mishra, D., & Saffar, W. (2012). Political connections and the cost of equity capital. Journal of Corporate Finance, 18(3), 541-559. Cao, J., Huang, S., Liu, Q., & Tian, G. G. (2012). The stock market implication of political connections: evidence from firms' dividend policy. Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial Management, 70-74. Claessens, S., Feijen, E., & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, 88(3), 554-580. Cooper, M. J., Gulen, H., & Ovtchinnikov, A. V. (2010). Corporate political contributions and stock returns. The Journal of Finance, 65(2), 687-724. Cull, R., & Xu, L. C. (2005). Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms. Journal of Financial Economics, 77(1), 117-146. DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of financial Economics, 8(1), 3-29. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. The Journal of Political Economy, 1155-1177. Do, Q. A., Lee, Y. T., & Nguyen, B. D. (2013). Political connections and firm value: evidence from the regression discontinuity design of close gubernatorial elections. 2013. Manuscript available at SSRN, 2190372. Faccio, M., Masulis, R. W., & McConnell, J. (2006). Political connections and corporate bailouts. The Journal of Finance, 61(6), 2597-2635. Fan, J. P., Wong, T. J., & Zhang, T. (2007). Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms. Journal of Financial Economics, 84(2), 330-357. Fisman, R. (2001). Estimating the value of political connections. American Economic Review, 1095-1102. Fraser, D. R., Zhang, H., & Derashid, C. (2006). Capital structure and political patronage: The case of Malaysia. Journal of Banking & Finance, 30(4), 1291-1308 Gales, L. M., & Kesner, I. F. (1994). An analysis of board of director size and composition in bankrupt organizations. Journal of Business Research, 30(3), 271-282. Goldman, E., Rocholl, J., & So, J. (2009). Do politically connected boards affect firm value?. Review of Financial Studies, 22(6), 2331-2360. He, L., Wan, H., & Zhou, X. (2014). How are political connections valued in China? Evidence from market reaction to CEO succession. International Review of Financial Analysis. Jin, H., & Qian, Y. (1998). Public versus private ownership of firms: Evidence from rural China. Quarterly Journal of Economics, 773-808. Kiel, G. C., & Nicholson, G. J. (2003). Board composition and corporate performance: how the Australian experience informs contrasting theories of corporate governance. Corporate Governance: An International Review, 11(3), 189-205. Li, G. (2013). Political Connections: An Explanation for the Performance of China's Stock Markets. Available at SSRN 2349244. Li, H., Meng, L., Wang, Q., & Zhou, L. A. (2008). Political connections, financing and firm performance: Evidence from Chinese private firms. Journal of Development Economics, 87(2), 283-299. Lim, T. C., Chai, R., Zhao, D., & Lim, X. Y. (2012). Capital Structure and Political Patronage: Evidence from China. American Journal of Business and Management, 1(4), 177-182. Lindenberg, E. B., & Ross, S. A. (1981). Tobin's q ratio and industrial organization. Journal of Business, 1-32. Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The Business Lawyer, 59-77. Niessen, A., & Ruenzi, S. (2010). Political connectedness and firm performance: Evidence from Germany. German Economic Review, 11(4), 441-464. Park, S. H., & Luo, Y. (2001). Guanxi and organizational dynamics: Organizational networking in Chinese firms. Strategic Management Journal,22(5), 455-477. Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control.The Journal of Political Economy, 461-488. Vining, A. R., & Boardman, A. E. (1992). Ownership versus competition: Efficiency in public enterprise. Public Choice, 73(2), 205-239. Xin, K. K., & Pearce, J. L. (1996). Guanxi: Connections as substitutes for formal institutional support. Academy of Management Journal, 39(6), 1641-1658. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211.
本文以 2008 年至 2012 年中國上海證券交易所上市 A 股為樣本,目的在探討各種政治關係對於公司價值的影響。本文以 Tobin's Q 作為衡量公司價值的變數,並將政治關係細分為人大代表、政協委員、政府官員以及中國共產黨黨幹部。並利用固定效果模型進行迴歸分析,發現高管的政治關係可以替公司價值帶來正面的幫助。
本文並透過一些標準將樣本進行分割 探討政治關係在不同情況下的影響力。,

This essay uses the data of public traded corporation of Shanghai Stock Exchange between 2008 and 2012. The purpose of this dissertation is to study the effect of political connection on firm value. This dissertation uses Tobin's Q as the index of firm value. We classify top executive political connection into People's Congress, The Chinese People's Political Consultative Conference, administrative officers and Chinese Communist Party cadres. This essay uses fixed-effect models to conduct regression analysis, and then find out that top executives' political connection is positively associated with firm value. The dissertation has the following main results:
I. Administrative officers and Chinese Communist Party cadres have significant positive effect on private firm value.
II. The CEO who had being administrative officer or Chinese Communist Party cadre is positively associated with firm value.
III. In less developed region, the top executive who had being deputy to the People's Congress, administrative officer or Chinese Communist Party cadre
can bring positive effect on firm value.
其他識別: U0005-0206201511473500
Rights: 不同意授權瀏覽/列印電子全文服務
Appears in Collections:財務金融學系所

Files in This Item:
File SizeFormat Existing users please Login
nchu-103-7101021005-1.pdf1.55 MBAdobe PDFThis file is only available in the university internal network   
Show full item record

Google ScholarTM


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.