摘要
本文对近年来企业政治关联的相关研究进行梳理,综述了政治关联的内涵、政治关联的理论逻辑、政治关联如何影响企业价值和企业行为等问题,发现企业政治关联会形成非正式制度替代,保护企业产权,带来寻租收益,也使企业承担了政府的寻租成本,进而会影响企业融资、投资和财务审计等行为。未来,合理地度量政治关联、考察企业性质对政治关联的影响、考察政治关联与法律等正式制度以及其他非正式制度之间的关系、从宏观层面考察政治关联与资源配置的关系,将成为政治关联新的研究方向。
This paper makes a survey of the recent literatures on political connection.We discuss in turn works on definition and theoretical logic of political connection,and its impaction on firm value and corporate behaviors.We find that political connection serve as a substitution of formal systems to protect property rights and increase income of rent-seeking.It,however,induces costs,which will profoundly influence the finance activities,investment and audit of the firms.In future,measuring political connection reasonably and investigating the relationship between ownership of firms and political connection will become important research area.In addition,the relationship between political connection and other formal and informal institution,as well as the impaction of political connection on resource allocation are of equal importance.
出处
《金融评论》
2012年第4期107-117,126,共11页
Chinese Review of Financial Studies
基金
暨南大学苏冬蔚教授主持的国家自然科学基金项目(71173090)
广东省自然科学基金项目(S2011010004257)的阶段性成果
关键词
政治关联
寻租
制度替代
Political Connection
Rent-Seeking
Institutions substitution
