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本文以民营上市公司为研究样本,探究了民营企业政治联系、非生产性支出与生产效率三者之间的关系。结果表明,在控制了民营企业的特征变量之后,政治联系显著降低了企业的非生产性支出;而在制度环境越差的地区,政治联系的这种效应越明显。进一步的研究结果表明,非生产性支出对企业生产效率具有负向影响,而政治联系对企业生产效率没有直接的影响,但政治联系显著缓解了非生产性支出对企业生产效率的负向影响。
In this paper, private listed companies as a sample to explore the private-owned business political relations, the relationship between non-productive expenditures and production efficiency. The results show that after controlling for the characteristic variables of private enterprises, the political connection significantly reduces the unproductive expenditure of enterprises; in the worse institutional environment, the political connection is more obvious. Further research shows that unproductive expenditures have a negative impact on firm productivity, while political ties have no direct impact on firm productivity, but political ties have significantly mitigated the negative impact of unproductive expenditures on firm productivity.