转型期政治关联层级对企业多元化战略的影响--从行业与地域两个维度的实证分析

摘要

在我国经济转型时期的制度背景下，不同层级的政治关联会对企业经营环境和生产要素获取等方面施加不同影响，结合政治关联的层级特性，以2009-2013年沪深A股530家上市公司中的民营企业为样本，深入探讨民营企业的地方政治关联和中央政治关联对企业行业多元化和地域多元化的影响，以及市场化程度对其的调节作用。实证研究结果表明：民营企业政治关联对企业行业多元化存在显著负向影响，其中地方政治关联和中央政治关联对企业行业多元化的影响都显著为负；民营企业政治关联对企业地域多元化的影响为正向但不显著，其中地方政治关联对企业地域多元化的影响显著为负，中央政治关联对企业地域多元化的影响显著为正；市场化程度对中央政治关联和民营企业行业多元化的负向关系有增强调节作用；市场化程度对总的政治关联和民营企业地域多元化的负向关系有减弱调节作用。%Based on a sample consisting of 530 Chinese private enterprises from the year 2009 to 2013 , this article attempts to explore the effect of political connection owned by Chinese private enterprises on their industrial diversification strategy and geographic diversification strategy,and examine the degree of marketiza-tion as a possible moderator. The result shows that:First,the political connection of Chinese private enterpri-ses has significant negative impact on their industrial diversification strategy,and both the local level and cen-tral level political connection have significant negative effect on industrial diversification strategy;Second,po-litical connection of Chinese private enterprises has positive but not significant effect on geographic diversifica-tion strategy. The local level political connection has significant negative impact on geographic diversification strategy while the central level political connection has significant positive effect on geographic diversification;Third,the degree of marketization enhances the relationship between the central level political connection and industrrial diversification strategy of Chinese private enterprises. The degree of marketization weakens the rela-tionship between political connection and geographic diversification strategy of Chinese private enterprises.