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针对政治关联与企业价值之间的关系,现有文献进行了大量研究。其中用企业高管的政治关联来衡量企业政治关联成为了主流的研究方法。然而既有研究即使考虑到政治关联与企业价值之间的内生性问题,也往往忽视了不同类型的高管(如董事长、总经理)的内生性存在强弱差异这一现实情况。由于总经理更可能是聘任而来,其内生性更强。本文选取2005~2011年的民营上市公司,从分开考虑董事长与总经理的政治关联、使用SYS-GMM面板数据分析方法以及事件分析法三个方面出发,以求在尽量减小内生性影响的情况下,对二者的关系再次进行考察。实证结果表明,我国民营上市公司高管的政治关联并不能显著影响企业的价值。
In view of the relationship between political connection and enterprise value, a great deal of research has been done on the existing literature. Among them, it is the mainstream research method to measure the political connection of enterprises by the political connection of the senior executives. However, the existing research often neglects the reality of the endogenous existence of different types of executives (such as the chairman and the general manager), even considering the endogenous problems between political connection and enterprise value. As the general manager is more likely to be appointed, its endogenous stronger. This paper selects the private listed companies from 2005 to 2011, starting from the three aspects of considering the relationship between the chairman and the general manager separately, using the data analysis method of the SYS-GMM panel and the incident analysis method, in order to minimize the endogenous influence Case, the relationship between the two again investigated. The empirical results show that the political connection of executives in private listed companies in China can not significantly affect the value of the enterprise.