双重公司治理环境下政治关联治理效应实证研究——基于沪深股市A股上市公司的数据检验

摘要

There is administrate and economical governance under China's governance environments and political association is the inevitable under dual corporate governance environment.Based on the sample data of listed companies and by means of structural equation modeling, empirical research reveals political governance effects associated companies, and found that political connections can not help to protect the interests of minority shareholders, but exacerbated by large shareholders tunneling, while has a positive role to inhibit internal control.The certification results provide a theoretical reference to adjust politics association under dual corporation governance environment.%我国公司治理环境是行政性治理和经济型治理并存的局面,政治关联是双重公司治理环境下的必然现象.基于上市公司的样本数据,借助于结构方程模型,实证性的研究揭示了政治关联的公司治理效应,发现政治关联无助于保护中小股东的利益,却加剧了大股东掏空行为,同时对抑制内部控制存在着积极的作用.检验结果为双重公司治理环境下我国上市公司政治关联的调控提供了理论借鉴.