政治联系、企业非生产性支出与生产效率——来自中国民营上市公司的证据

摘要

This paper studies the relations between the political connection, the non-productive expenditure and the productivity using the data from Chinese privately-owned listed companies. We find that the political connection has a significant effect on reducing the non-productive expenditure of the firms and that the worse the institutional environment is, the stronger the effect is. We also find that non-productive expenditure has a significantly negative effect on productivity. Though the political connec- tion has no significant effect on productivity, it can mitigate the negative effect of non-productive expenditure.%本文以民营上市公司为研究样本，探究了民营企业政治联系、非生产性支出与生产效率三者之间的关系。结果表明，在控制了民营企业的特征变量之后，政治联系显著降低了企业的非生产性支出；而在制度环境越差的地区，政治联系的这种效应越明显。进一步的研究结果表明，非生产性支出对企业生产效率具有负向影响，而政治联系对企业生产效率没有直接的影响，但政治联系显著缓解了非生产性支出对企业生产效率的负向影响。