Can the Political Relationship Capital Really Improve Enterprise's Growth Performance? Based on the Empirical Test of Enterprise Life Cycle

摘要

Taking the companies listed in Shenzhen Stock Exchange by the end of 2013 as example, this paper uses the Least Square Model to empirically study the government-enterprise relationship and enterprise's growth performance at different stage in the enterprise life cycle. The result shows that government-enterprise relationship has a positive effect on enterprise's growth performance at the growth stage and has a negative effect on enterprise's growth performance at the mature stage. The closer the relationship is, the more obvious the effect it. It doesn't have a significant effect on enterprise's growth performance at the decline stage. The empirical results demonstrate that the political relationship is indeed a double-edged sword. Therefore, enterprises should selectively develop a government-enterprise relationship appropriate for own development on the basis of fully understanding and grasping the economic consequences brought by the political relationship.