政治关联、产权性质与企业投资-投资机会敏感性

摘要

本文系统分析了政治关联对企业投资-投资机会敏感性的影响,和政治关联在不同产权性质的企业中影响效果的不同.实证结果发现:企业利用了政治关联带来的便利来提高投资-投资机会敏感性;非国有企业更有动机和可能通过政治背景来提高投资-投资机会敏感性.%This paper systematically analyzes the influence of political connection on the sensitivity of investment expenditure to investment opportunities and the effect of political connection in different property nature enterprises. The empirical study shows that the enterprises used the benefits brought about by political connection to increase the sensitivity of investment spending to investment opportunities;non-state enterprises are more motivated and may use political backgrounds to increase the sensitivity of investment spending to investment opportunities.