CAJ | 학술논문

通过利用2004～2008年共202家民营上市制造业公司数据，文章研究了政治关联、制度环境与金字塔结构之间的关系。发现，政治关联与制度环境变量与金字塔结构层级和复杂度均呈显著的负相关关系，表明政治关联和良好的市场制度环境都为民营企业发展提供了较好的获取资源优势和配置机会。但在同时考虑两者对金字塔结构影响的情况下，不同的政治关联指标在不同的市场制度环境下，存在不同的替代和互补作用。政治关联总人数与政治关联为曾任政府官员指标与市场制度环境对金字塔结构的影响存在着替代作用；而董事长或总经理为政治关联和政治关联为现任政府官员指标与市场制度环境对金字塔结构的影响呈明显的互补效应。
통과이용2004～2008년공202가민영상시제조업공사수거，문장연구료정치관련、제도배경여금자탑결구지간적관계。발현，정치관련여제도배경변량여금자탑결구층급화복잡도균정현저적부상관관계，표명정치관련화량호적시장제도배경도위민영기업발전제공료교호적획취자원우세화배치궤회。단재동시고필량자대금자탑결구영향적정황하，불동적정치관련지표재불동적시장제도배경하，존재불동적체대화호보작용。정치관련총인수여정치관련위증임정부관원지표여시장제도배경대금자탑결구적영향존재착체대작용；이동사장혹총경리위정치관련화정치관련위현임정부관원지표여시장제도배경대금자탑결구적영향정명현적호보효응。
By using the date of 202 listed private manufacturing companies during this period from 2004 to 2008, we studied the relationship between political connections as well as the institutional environment and the pyramid structure, we found that there is significant negative correlation, that＇s to say, both the political connections and the good market institu- tional environment help private companies gain the advantage of access to or the chance to share more resource. Further- more, we took these two factors into account and found that it shows different relationship of substitute or complementary when different indicators of political connections are placed different market institutional environment, specifically, some political connections indicators that are the number of persons and the past government officials have substitute impact on pyramid structure together with the market institutional environment, however, the other ones such as the government back- ground of chairman or general manager and current government officials have complementary impact.