本文以2005～2009年沪深A股民营上市公司为研究样本。实证考察了政治关联和制度环境对民营企业高管变更的影响。研究发现．政治关联降低了民营企业高管变更这一公司治理安排的有效性。具体而言，政治关联显著降低了高管变更的可能性、削弱了高管变更与公司业绩的负相关关系；并且，政治关联对高管变更的影响在不同制度环境中存在差异．在法治水平低效、金融发展落后的地区，政治关联对高管变更业绩敏感性的负面影响更加显著。本研究将政治关联纳入公司治理的研究框架，丰富了政治关联经济后果的研究文献，研究结果有助于我们深入理解民营企业高管变更的影响因素和外部约束机制。%Based on the private enterprises listed during 2005 to 2009 in Shanghai or Shenzhen Stock Exchanges, this paper examines the effect of political connections and institutional environment on management turnover. The empirical evidences show that political connections weaken the efficient of corporate governance, significantly decrease the probability of management turnover and reduce the negative relationship between management turnover and firm performance. Also, the relationship between political connections and the efficiency of corporate governance differs under different institutional environments. In the aero with poorer law enforcement and more backward financial development, the negative effect of political connections on the sensitivity of management turnover and firm perfor- mance is more significant. The paper enriches the studies on the economic consequences of political connections and it is useful for us to understand the efficiency and external constraint mechanism of the private enterprises' management turnover.
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