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本文运用因子分析与广义估计方程(GEES)对中国企业政治策略选择的影响因素进行了实证研究。研究结果表明：(1)中国企业政治策略包括直接参与、财务刺激、代言人、制度创新、政府关联以及经营活动政治等六个层面的策略；(2)企业层面的影响因素中,企业规模、闲散资产以及多元化水平等因素均对不同层面的政治策略具有显著影响；(3)行业层面的影响因素中,行业管制程度、相对市场份额、企业间合作程度及行业内企业数均对不同层面的政治策略选择具有显著影响；(4)经营活动政治策略、代言人策略与财务刺激策略在行业间存在显著差异；(5)行业管制程度对财务刺激策略的行业间变异程度具有显著影响,相对市场份额、企业间合作程度对行业间代言人策略的变异程度具有显著影响,行业内企业数对行业间经营活动政治策略的变异程度具有显著影响。
This paper uses factor analysis and generalized estimation equations (GEES) to empirically study the influencing factors of Chinese enterprises’ strategic choices. The results show that: (1) The strategies of Chinese enterprises include six aspects: direct participation, financial stimulation, spokesperson, institutional innovation, government connection and politics of business activities; (2) among the influential factors at the enterprise level, Assets and the level of diversification all have significant influence on the political strategies at different levels. (3) Among the influencing factors at the industry level, the degree of industrial regulation, relative market share, the degree of cooperation among enterprises and the number of enterprises in the industry are all significantly affected by different levels of (4) There are significant differences in the political strategies, the spokesman strategies and the financial stimulation strategies in the business activities; (5) The degree of industrial regulation has a significant impact on the industry variation in financial stimulus strategy, and the relative market share , The degree of cooperation between enterprises has a significant impact on the degree of variation of the spokesperson’s tactics among industries, and the number of enterprises in the industry has a significant influence on the degree of variation of the political strategies of business activities among industries.