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文章针对我国经济转轨的实际,利用上市公司数据,实证考察了声誉和政治关系对企业垂直整合的影响。研究发现,由于较易与利益相关者订立合约,声誉良好企业垂直整合的程度较低;相反,政治关联企业更有动机和能力通过涉足上下游产业来攫取垄断利润,从而垂直整合的程度较高。基于制度环境的分析显示,声誉和政治关系对企业垂直整合的影响在弱制度环境下更为明显。此外,公司所有权也影响了声誉、政治关系与垂直整合间的关系。声誉良好的民营企业表现出更低的垂直整合度,而有政治关联的国有企业进入上下游产业的动机更强。
In the light of the actual situation of our country’s economic transition, this paper uses the data of listed companies to examine the impact of reputation and political relations on the vertical integration of enterprises. The study found that, due to the easier agreement with stakeholders, the degree of vertical integration of reputable firms is relatively low; on the contrary, the political affiliates are more motivated and able to capture monopoly profits by getting involved in the upstream and downstream industries, resulting in a higher degree of vertical integration . Analysis based on the institutional environment shows that the influence of reputation and political relations on the vertical integration of enterprises is more obvious in a weak institutional environment. In addition, corporate ownership also affects the relationship between reputation, political relations and vertical integration. Reputable private-owned enterprises show a lower degree of vertical integration, while politically-linked state-owned enterprises have a greater incentive to enter the upstream and downstream industries.