CAJ | 학술논문

本文基于政治资源企业视角，展现中国特定制度环境下，企业财富创造效率是如何客观地受到企业自身“自然特征”、社会制度环境特别是政治制度环境的制约与影响。在相关研究文献的基础上，本文选择最终控制权和企业年龄作为前因变量，检验其对中国政治资源企业运营效率的影响，发展了政治资源企业运营效率领域的研究。研究发现，在设立党组织的中国政治资源企业中，国有控股上市公司盈余现金保障能力显著大于民营上市公司，后者的资本周转效率显著大于前者；而上市年龄较小的企业运营效率显著大于上市年龄较大企业。本文提出，民营政治资源企业在提高政治资源潜力的同时，要在市场竞争性行业领域提高资本周转灵活性和盈余现金保障能力；国有政治资源企业在巩固资产保值增值和盈余现金保障能力的同时，必须依靠资本周转效率、周转灵活性提高自身的生存能力和市场竞争优势。两类政治资源企业都必须重视企业管理经验与创新能力长期积累对企业发展和运营效率改善作用。
본문기우정치자원기업시각，전현중국특정제도배경하，기업재부창조효솔시여하객관지수도기업자신“자연특정”、사회제도배경특별시정치제도배경적제약여영향。재상관연구문헌적기출상，본문선택최종공제권화기업년령작위전인변량，검험기대중국정치자원기업운영효솔적영향，발전료정치자원기업운영효솔영역적연구。연구발현，재설립당조직적중국정치자원기업중，국유공고상시공사영여현금보장능력현저대우민영상시공사，후자적자본주전효솔현저대우전자；이상시년령교소적기업운영효솔현저대우상시년령교대기업。본문제출，민영정치자원기업재제고정치자원잠력적동시，요재시장경쟁성행업영역제고자본주전령활성화영여현금보장능력；국유정치자원기업재공고자산보치증치화영여현금보장능력적동시，필수의고자본주전효솔、주전령활성제고자신적생존능력화시장경쟁우세。량류정치자원기업도필수중시기업관리경험여창신능력장기적루대기업발전화운영효솔개선작용。
Based on Resources, Institution and Strategy of Organization Views （ BRISOVs）, Firm setting up party organization is under China＇ s current Institution context Political Citizenship Behavior （PCB） of acquiring le gitimacy and organizational resources. As a ＂Chinese characteristics＂ political resource companies, firm setting up party organizations according to the needs and requirements,is also Corporate Political Activity （CPA） which help them making ＂national treatment＂ in politics and economically avoiding discrimination policies. On the basis of the literature of Lei et al （2012,2013） about China＇ s political resource firms research, and se lecting ultimate control right and age of the firm as antecedent variables, which are two important social and natural properties of organization, we study their impact on the organization operational efficiency of China political re sources firms from these temporal and spatial characteristics of the interactive dimension. The findings of this paper strongly enrich and powerfully promote the efficiency of business operations research on the political resource firms. By collecting 12year （1999 - 2010） data points from Chinese listed Ashares CPRMs （that is, China Politi cal Resources Firm, a firm type which sets up a group of the Chinese Communist Party ）and using MonteCarlo Nonparametric test because of the nonnormality of financial ratios data, this paper found these following interesting results. First, the listed nonSOEs of Chinese political resource firms have significantly greater than SOEs of them in total asset turnover ratio and payable turnover ratio. Second, the listed SOEs of Chinese political resource firms have significantly greater than the listed nonSOEs of them in surplus cash ratio. Third, at listed eight years as the bound aries between the older and the younger,the younger listed firms of CPRMs have significantly greater than the older listed firms in capital turnover efficiency and cash flow capacity. Sets of contributions emerge from our study. First, this paper takes the organization phenomenon and facts of political resources firm as the study object, develops a new form of the Chinese Political Resources Firms （ CPRFs）, so as to further enrich the theory of organizations political ties. Second, this paper provides relativity research be tween organizational characteristic variables and the organization operational efficiency of the CPRFs. Innovation of research contents further examines action conditions of the western organization theories. Therefore, in the Chinese context,it strengthens the understanding depth and using scope on above theories, especially in Based on Re sources, Institution and Strategy of Organization Views. Finally, Using traditional statistical tests in previous huge or ganizational researches reduces the robustness and reliability of the test results where data are nonGaussian distri bution, the using nonparametric method, to a certain extent, overcomes the limitations of traditional research meth ods on the data of nonGaussian distribution in organization empirical research method. Our study has three suggestions and implications for practice. First, nonSOEs of Chinese political resource firms further enhance the political resource potential, especially in the field of the market competitive industries they improves capital turnover, flexibility and surplus cash support capabilities. Second, SOEs of Chinese political re source firms consolidate and increase the value of assets and the surplus cash support capabilities, at the same time SOEs of them must rely on the efficiency of capital turnover, turnover flexibility in order to improve their survivabili ty and market competitiveness. Third, both NonSOEs and SOEs of them need to pay attention to the longterm accu mulation of management experience and innovation capability of them to the important role of improving business development and operational efficiency.