CAJ | 학술논문

本文手工搜集了中国民营上市公司2004-2008年关键高管参政议政的经验数据,拓展了真实业绩的计量方法,实证研究了参政议政对真实业绩的影响。研究结果表明,民营上市公司关键高管的参政议政显著提高了企业真实业绩,且随着参政议政级别的提高,真实业绩亦随之提高。本文在控制政府干预因素后发现,当不存在政府干预时,关键高管的参政议政、参政议政的级别均对民营上市公司真实业绩的提升存在正向的显著影响,但政府干预的存在导致参政议政对民营上市公司的真实业绩无显著影响。
본문수공수집료중국민영상시공사2004-2008년관건고관삼정의정적경험수거,탁전료진실업적적계량방법,실증연구료삼정의정대진실업적적영향。연구결과표명,민영상시공사관건고관적삼정의정현저제고료기업진실업적,차수착삼정의정급별적제고,진실업적역수지제고。본문재공제정부간예인소후발현,당불존재정부간예시,관건고관적삼정의정、삼정의정적급별균대민영상시공사진실업적적제승존재정향적현저영향,단정부간예적존재도치삼정의정대민영상시공사적진실업적무현저영향。
The paper manually collects 1452 observations of key top managers of privately listed companies from 2004 to 2008,and develops a new method of true performance measurement.Based on that,the paper studies whether political participation could improve true performance of privately listed companies.The results show that political participation enhances true performance significantly,and higher level of political participation is,the better true performance of privately listed companies is.Moreover,after controlling the variable of government intervention,the results show that political participation and participation levels of key top managers will improve significantly true performance of privately listed companies when no government intervention exists,but there is no significant effect on true performance underlying government intervention＇s existence.