南开管理评论
南開管理評論
남개관리평론
Nankai Business Review
2013年
4期
94~105
,共null页
李莉 高洪利 顾春霞 薛冬辉
李莉 高洪利 顧春霞 薛鼕輝
리리 고홍리 고춘하 설동휘
产业政策 政治关联 行业进入选择 民营企业绩效
產業政策 政治關聯 行業進入選擇 民營企業績效
산업정책 정치관련 행업진입선택 민영기업적효
Industrial Policies; Political Connection; Industry Entry Choice; Performance of POEs
近年来国家不断推出产业政策进行产业结构调整以引导民营经济的健康发展,而民营企业能否响应产业政策,并调整其行业选择是本文关注的重点问题。本文首次基于政治关联的视角,实证分析2005年颁布的产业政策对民营企业进入鼓励性行业的影响,进而深入探讨民营企业进入政府鼓励性行业的程度及进入后民营企业绩效的变化。结果表明,短期来看民营企业在政府鼓励性行业投资没有显著增加,但从长期来看民营企业的行业进入选择受政府产业政策影响较大,而选择进入政府鼓励性行业的民营企业绩效短期内劣于未进入鼓励性行业的民营企业;政治关联在民营企业行业选择中有较显著的负向影响;具有政治关联的民营企业普遍选择不进入鼓励性行业,其绩效也较好。本文的结论不仅在理论方面拓宽了市场进入、政治关联等研究领域,而且在实践方面为我国产业政策的实施效果提供了数据支持和决策依据。
近年來國傢不斷推齣產業政策進行產業結構調整以引導民營經濟的健康髮展,而民營企業能否響應產業政策,併調整其行業選擇是本文關註的重點問題。本文首次基于政治關聯的視角,實證分析2005年頒佈的產業政策對民營企業進入鼓勵性行業的影響,進而深入探討民營企業進入政府鼓勵性行業的程度及進入後民營企業績效的變化。結果錶明,短期來看民營企業在政府鼓勵性行業投資沒有顯著增加,但從長期來看民營企業的行業進入選擇受政府產業政策影響較大,而選擇進入政府鼓勵性行業的民營企業績效短期內劣于未進入鼓勵性行業的民營企業;政治關聯在民營企業行業選擇中有較顯著的負嚮影響;具有政治關聯的民營企業普遍選擇不進入鼓勵性行業,其績效也較好。本文的結論不僅在理論方麵拓寬瞭市場進入、政治關聯等研究領域,而且在實踐方麵為我國產業政策的實施效果提供瞭數據支持和決策依據。
근년래국가불단추출산업정책진행산업결구조정이인도민영경제적건강발전,이민영기업능부향응산업정책,병조정기행업선택시본문관주적중점문제。본문수차기우정치관련적시각,실증분석2005년반포적산업정책대민영기업진입고려성행업적영향,진이심입탐토민영기업진입정부고려성행업적정도급진입후민영기업적효적변화。결과표명,단기래간민영기업재정부고려성행업투자몰유현저증가,단종장기래간민영기업적행업진입선택수정부산업정책영향교대,이선택진입정부고려성행업적민영기업적효단기내렬우미진입고려성행업적민영기업;정치관련재민영기업행업선택중유교현저적부향영향;구유정치관련적민영기업보편선택불진입고려성행업,기적효야교호。본문적결론불부재이론방면탁관료시장진입、정치관련등연구영역,이차재실천방면위아국산업정책적실시효과제공료수거지지화결책의거。
In recent years, the government frequently issued industrial structure adjustment policies to optimize the structure of China's industries and to lead blossom of Private Owned Enterprises (POEs). The effect of these policies is widely concerned by the political, theoretical and practical fields. In this paper, we focus on the responds of POEs on these policies and the performance after they made their investment choice. Practically, we empirically analyze how these industrial structure adjustment policies that issued by our government affected POEs, based on the perspective of political connection for the first time. We study whether POEs entered into encouraged industries or not, to what extent if entered, and how the performance of POEs changed after they invest in the fields that government encouraged by means of these policies. The results show that, in the short term, there is no significant increment in the investment which POEs invested in the encouraged industries. But in the long term, there is a significant increment, after these policies issued. We could expect a more pronounced effect of policies for a relatively long period. Most of POEs hesitate to invest in these encouraged industries of the recently issued policies, and make their investment strategy after a period to keep the uncertainty as low as possible. However, we find that the performance of these private enterprises that entered into the encouraged industries is worse than those not entered though the uncertainty of risk is lower. To inquire the reason for this problem, we research the significant effect of political connection, another access to resources on private enterprises' performance. We find that the private enterprises with high political connection usually did not invest in the encouraged industries. This study not only expands the theoretical research on market entering and political connection, but also provides the effective data to support the implementation of the industrial policies and support government to make decisions practically.