CAJ | 학술논문

不同控股股东背景下的企业政治关联的培育动机与成本、关系紧密性等方面存在显著差异．这导致政治关联在民营企业与国有企业的作用机制也存在差异性。本文对中国民营企业与国有企业的政治关联的本质及其功能进行了理论探讨．并基于2006～2010年中国上市公司的数据进行了实证研究。本文得到以下研究结论：①民营企业相对于国有企业更加注重政治关联的建设．它们相对于国有企业也更加倾向于从事创造性生产活动，而国有企业则更加倾向于从事破坏性生产活动。②政治关联对创造性生产活动及破坏性生产活动未产生显著的作用．但这种作用在民营企业和国有企业则存在显著的差异，即民营企业的政治关联引致了破坏性生产活动但遏制了其创造性生产活动．而国有企业政治关联遏制了破坏性生产活动促进了其创造性生产活动。③破坏性生产活动改进了企业的经营业绩，尤其是对于民营企业而言这种破坏性生产活动的积极作用更为显著．而创造性生产活动对经营业绩的贡献在民营企业和国有企业并无显著差异。
불동공고고동배경하적기업정치관련적배육동궤여성본、관계긴밀성등방면존재현저차이．저도치정치관련재민영기업여국유기업적작용궤제야존재차이성。본문대중국민영기업여국유기업적정치관련적본질급기공능진행료이론탐토．병기우2006～2010년중국상시공사적수거진행료실증연구。본문득도이하연구결론：①민영기업상대우국유기업경가주중정치관련적건설．타문상대우국유기업야경가경향우종사창조성생산활동，이국유기업칙경가경향우종사파배성생산활동。②정치관련대창조성생산활동급파배성생산활동미산생현저적작용．단저충작용재민영기업화국유기업칙존재현저적차이，즉민영기업적정치관련인치료파배성생산활동단알제료기창조성생산활동．이국유기업정치관련알제료파배성생산활동촉진료기창조성생산활동。③파배성생산활동개진료기업적경영업적，우기시대우민영기업이언저충파배성생산활동적적겁작용경위현저．이창조성생산활동대경영업적적공헌재민영기업화국유기업병무현저차이。
This paper discusses the essence and function of political ties of Chinese private-own enterprises and state-own enterprise theoretically and conducts an empirical analysis based on panel data of Chinese listed companies. This paper finds several major results. First, the motivations to build political ties, cost of cultivating political ties, and closeness of ties of private-own enterprise and state-own enterprise are significant different, which affected the function of political ties in private-own enterprise and state own enterprise. Second, private-own enterprise are more likely to build political ties with substantially higher motivation to involve in creating action compared with state-own enterprise, but marginal contribution of political ties of private-own enterprise to creating action is significantly lower than those of state-own enterprise. Third, the destroying action of private-own enterprise is lower than state-own companies. However, by contrast the political ties of private-own enterprise seem to be more probable to generate destroying action. Fourth, with respect to state-own enterprise, private-own enterprise has lower cost of destroying actions, so that they have greater marginal effect on their operating performance.