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高管政治联系具有“双刃剑”效应——“政府干预”作用与“关系”作用。本文从公司内部治理机制出发,考察公司治理对高管政治联系“双刃剑”效应的激励与约束作用。研究表明,公司治理质量越高,高管政治联系的“政府干预”作用越弱,“关系”作用越强。本文揭示了高管政治联系在政企关系中的“桥梁”角色,并提供了公司治理缓解高管与企业代理冲突的增量证据,有助于企业扬长避短、最优化政治联系的“双刃剑”效应。
The political connection among senior executives has the effect of “double-edged sword” - “government intervention” and “relationship”. This paper, starting from the internal governance mechanism, examines the incentive and restraint effect of corporate governance on the political tie of senior executives. Research shows that the higher the quality of corporate governance, the weaker the role of “government intervention” in executive political relations and the stronger the role of “relationship.” This article reveals the “bridge” role of senior political relations in the relationship between government and enterprises and provides incremental evidence that corporate governance can mitigate the clashes between senior executives and corporate agents, which helps enterprises to avoid weaknesses and optimize political relations. Double-edged sword "effect.