CAJ | 학술논문

在民营上市公司中，董事会成员中具有政治背景的情况越来越普遍。以2002年～2005年期间在沪深证券交易所上市的民营上市公司为研究样本，通过手工收集民营上市公司控制人和董事会成员的背景资料，刻画了民营上市公司的政治关系。研究发现，无论是采用Tobin’s Q还是买入并持有超额回报来衡量企业价值，民营企业的政治关系对企业价值都有显著的正面影响，有政治关系的民营企业价值更高，投资者长期持有该企业股票得到的收益也更高，政治关系越强企业价值也越高，企业通过建立政治关系最终取得了相应的收益。
재민영상시공사중，동사회성원중구유정치배경적정황월래월보편。이2002년～2005년기간재호심증권교역소상시적민영상시공사위연구양본，통과수공수집민영상시공사공제인화동사회성원적배경자료，각화료민영상시공사적정치관계。연구발현，무론시채용Tobin’s Q환시매입병지유초액회보래형량기업개치，민영기업적정치관계대기업개치도유현저적정면영향，유정치관계적민영기업개치경고，투자자장기지유해기업고표득도적수익야경고，정치관계월강기업개치야월고，기업통과건립정치관계최종취득료상응적수익。
In most private listed companies, it is more and more common that directorate members have political background. Using a sample of private listed companies in Shenzhen and Shanghai Stock exchange markets from 2002 to 2005, and collecting by hand the controller and board members＇ background information of those private listed companies, we portrayed their political relationships. We found out that, either Tobin＇s Q or buy and hold abnormal return we used to evaluate firm value, the private firms＇ political relationships have significant positive effects on firm value. In other words, those private firms having political relationships are higher in firm value, which will be hold by investors in the long term to gain higher proceeds. Meanwhile, the stronger the political relationship a firm has, its value is higher. Companies got benefits from building political relationships.