CAJ | 학술논문

在我国经济转型时期的制度背景下，不同层级的政治关联会对企业经营环境和生产要素获取等方面施加不同影响，结合政治关联的层级特性，以2009-2013年沪深A股530家上市公司中的民营企业为样本，深入探讨民营企业的地方政治关联和中央政治关联对企业行业多元化和地域多元化的影响，以及市场化程度对其的调节作用。实证研究结果表明：民营企业政治关联对企业行业多元化存在显著负向影响，其中地方政治关联和中央政治关联对企业行业多元化的影响都显著为负；民营企业政治关联对企业地域多元化的影响为正向但不显著，其中地方政治关联对企业地域多元化的影响显著为负，中央政治关联对企业地域多元化的影响显著为正；市场化程度对中央政治关联和民营企业行业多元化的负向关系有增强调节作用；市场化程度对总的政治关联和民营企业地域多元化的负向关系有减弱调节作用。
재아국경제전형시기적제도배경하，불동층급적정치관련회대기업경영배경화생산요소획취등방면시가불동영향，결합정치관련적층급특성，이2009-2013년호심A고530가상시공사중적민영기업위양본，심입탐토민영기업적지방정치관련화중앙정치관련대기업행업다원화화지역다원화적영향，이급시장화정도대기적조절작용。실증연구결과표명：민영기업정치관련대기업행업다원화존재현저부향영향，기중지방정치관련화중앙정치관련대기업행업다원화적영향도현저위부；민영기업정치관련대기업지역다원화적영향위정향단불현저，기중지방정치관련대기업지역다원화적영향현저위부，중앙정치관련대기업지역다원화적영향현저위정；시장화정도대중앙정치관련화민영기업행업다원화적부향관계유증강조절작용；시장화정도대총적정치관련화민영기업지역다원화적부향관계유감약조절작용。
Based on a sample consisting of 530 Chinese private enterprises from the year 2009 to 2013 , this article attempts to explore the effect of political connection owned by Chinese private enterprises on their industrial diversification strategy and geographic diversification strategy,and examine the degree of marketiza-tion as a possible moderator. The result shows that:First,the political connection of Chinese private enterpri-ses has significant negative impact on their industrial diversification strategy,and both the local level and cen-tral level political connection have significant negative effect on industrial diversification strategy;Second,po-litical connection of Chinese private enterprises has positive but not significant effect on geographic diversifica-tion strategy. The local level political connection has significant negative impact on geographic diversification strategy while the central level political connection has significant positive effect on geographic diversification;Third,the degree of marketization enhances the relationship between the central level political connection and industrrial diversification strategy of Chinese private enterprises. The degree of marketization weakens the rela-tionship between political connection and geographic diversification strategy of Chinese private enterprises.