“企业家+官员”合作建策与企业投资——来自中国私营企业调查证据(CPES)“Entrepreneur + Official” Cooperation Policy and Enterprise Investment——Evidence from China Private Enterprise Survey Data(CPES)
黄送钦,何晓斌,高皓
摘要(Abstract)：
如何在政府和企业间关系中寻找一个适宜状态,实现非市场战略与市场战略的整合,一直是企业战略管理研究的热点问题。利用第12次中国私营企业调查数据(CPES),本文实证分析了"企业家+官员"合作建策对企业新增投资的影响。研究发现,"企业家+官员"合作建策对企业新增投资具有显著的促进作用,提高了民营企业新增投资水平,在使用一系列稳健性检验后,上述结论依然成立。作用机制研究发现,"企业家+官员"合作建策通过缓解企业融资困境、提高民营企业家地位和完善企业治理制度,进而促进了企业新增投资。进一步分析还发现,相对而言,在市场化程度较低地区、无政治联系和未能享受政府优惠政策的企业中,"企业家+官员"合作建策在企业投资行为中的促进作用更强。最后,合作建策能为企业获取更高质量的政务环境,说明合作建策也对增强政府行政效率具有显著的积极作用。本文认为,增强政府官员与民营企业家的信息互通,提高民营企业家建言献策、参政议政的积极性,"共商地方事宜"将有助于提升民营企业的发展信心。本文的研究从一种战略整合的视角考察了政企合作建策对企业投资的影响,这不仅丰富了政治关系对企业投资的相关研究,而且还拓展了以市场为核心的战略管理,为企业进行"二元"战略互动的重要性提供了证据。
关键词(KeyWords)： 合作建策;政商关系;企业投资;政治地位;优惠政策
基金项目(Foundation): 国家社会科学基金一般项目“中国民营企业的政治关联类型与创新绩效研究”(批准号:19BSH151);; 清华大学人文社会学科领军人才专项项目“企业家献策与中国民营企业技术创新”(批准号:19THZWLJ32)的资助
作者(Author): 黄送钦,何晓斌,高皓
DOI: 10.16513/j.cnki.cje.2021.04.003
参考文献(References)：
- 蔡卫星，赵峰，曾诚.2011.政治关系、地区经济增长与企业投资行为[J].金融研究，(4):100-112.Cai W X,Zhao F,Zeng C.2011.Political connection,economic growth and firm investment behavior[J].Journal of Financial Research,(4):100-112.(in Chinese) 陈光金，吕鹏，林泽炎，等.2018.中国私营企业调查25周年：现状与展望[J].南开管理评论，21(6):17-27.Chen G J,Lü P,Lin Z Y,et al.2018.The 25 years of Chinese private enterprise survey:Points and prospects[J].Nankai Business Review,21(6):17-27.(in Chinese) 陈仕华，卢昌崇.2014.国有企业党组织的治理参与能够有效抑制并购中的“国有资产流失”吗?[J].管理世界，(5):106-120.Chen S H,Lu C C.2014.Can the governance participation of party organizations in state-owned enterprises effectively curb the “loss of state assets” in mergers and acquisitions?[J].Management World,(5):106-120.(in Chinese) 陈钊，陆铭，何俊志.2008.权势与企业家参政议政[J].世界经济，31(6):39-49.Chen Z,Lu M,He J Z.2008.Power and entrepreneurial participation in politics[J].The Journal of World Economy,31(6):39-49.(in Chinese) 戴亦一，洪群，潘越.2015.官员视察、媒体关注与政府补助——来自中国上市公司的经验证据[J].经济管理，37(7):13-25.Dai Y Y,Hong Q,Pan Y.2015.Official inspections,media attention and government subsidies:Empirical evidence from Chinese listed companies[J].Economic Management,37(7):13-25.(in Chinese) 董志强，魏下海，汤灿晴.2012.制度软环境与经济发展——基于30个大城市营商环境的经验研究[J].管理世界，(4):9-20.Dong Z Q,Wei X H,Tang C Q.2012.Institutional soft environment and economic development:An empirical study based on the business environment of 30 major cities[J].Management World,(4):9-20.(in Chinese) 董志强，魏下海.2018.党组织在民营企业中的积极作用——以职工权益保护为例的经验研究[J].经济学动态，(1):14-26.Dong Z Q,Wei X H.2018.The active role of party organizations in private enterprises:An empirical study on the protection of employees' rights and interests[J].Dynamics of Economics,(1):14-26.(in Chinese) 杜兴强，曾泉，杜颖洁.2011.政治联系、过度投资与公司价值——基于国有上市公司的经验证据[J].金融研究，(8):93-110.Du X Q,Zeng Q,Du Y J.2011.Political connections,over-investment and corporate value:Empirical evidence from state-owned public listed companies[J].Journal of Financial Research,(8):93-110.(in Chinese) 方军雄.2007.所有制、制度环境与信贷资金配置[J].经济研究，42(12):82-92.Fang J X.2007.Ownership,institutional environment and capital allocation[J].Economic Research Journal,42(12):82-92.(in Chinese) 顾元媛，沈坤荣.2012.地方政府行为与企业研发投入——基于中国省际面板数据的实证分析[J].中国工业经济，(10):77-88.Gu Y Y,Shen K R.2012.The effect of local governments' behavior on corporate R&D investment:Empirical analysis based on China's provincial panel data[J].China Industrial Economy,(10):77-88.(in Chinese) 何轩，马骏.2018.党建也是生产力——民营企业党组织建设的机制与效果研究[J].社会学研究，33(3):1-24,242.He X,Ma J.2018.Dose the party organization of private enterprise improve firm performance?[J].Sociological Studies,33(3):1-24,242.(in Chinese) 胡旭阳.2006.民营企业家的政治身份与民营企业的融资便利——以浙江省民营百强企业为例[J].管理世界，(5):107-113,141.Hu X Y.2006.The political identification of entrepreneurs' of private enterprises,and their financing facilities[J].Management World,(5):107-113,141.(in Chinese) 李春玲.2005.当代中国社会的声望分层——职业声望与社会经济地位指数测量[J].社会学研究，(2):74-102.Li C L.2005.Prestige stratification in the Contemporary China:Occupational prestige measures and socio-economic index[J].Sociological Studies,(2):74-102.(in Chinese) 李延喜，曾伟强，马壮，等.2015.外部治理环境、产权性质与上市公司投资效率[J].南开管理评论，18(1):25-36.Li Y X,Zeng W Q,Ma Z,et al.2015.External governance environment,ownership and efficiency of listed companies' investment[J].Nankai Business Review,18(1):25-36.(in Chinese) 罗党论，刘晓龙.2009.政治关系、进入壁垒与企业绩效——来自中国民营上市公司的经验证据[J].管理世界，(5):97-106.Luo D L,Liu X L.2009.Political ties,barriers to entry and firm performance:Empirical evidence from private listed companies in China[J].Management World,(5):97-106.(in Chinese) 罗党论，应千伟.2012.政企关系、官员视察与企业绩效——来自中国制造业上市企业的经验证据[J].南开管理评论，15(5):74-83.Luo D L,Ying Q W.2012.Political connection,official inspection and firm performance:The empirical evidences come from Chinese manufacturing listed companies[J].Nankai Business Review,15(5):74-83.(in Chinese) 罗党论，廖俊平，王珏.2016.地方官员变更与企业风险——基于中国上市公司的经验证据[J].经济研究，51(5):130-142.Luo D L,Liao J P,Wang J.2016.Local officials,turnover and corporate risk—Evidence from Chinese listed firms[J].Economic Research Journal,51(5):130-142.(in Chinese) 马光荣，刘明，杨恩艳.2014.银行授信、信贷紧缩与企业研发[J].金融研究，(7):76-93.Ma G R,Liu M,Yang E Y.2014.Bank lines of credit,credit squeeze and firm R&D[J].Journal of Financial Research,(7):76-93.(in Chinese) 马骏，罗衡军，肖宵.2019.私营企业家地位感知与企业创新投入[J].南开管理评论，22(2):144-156.Ma J,Luo H J,Xiao X.2019.Status perception of private entrepreneur and firm innovation input[J].Nankai Business Review,22(2):144-156.(in Chinese) 潘越，戴亦一，吴超鹏，等.2009.社会资本、政治关系与公司投资决策[J].经济研究，44(11):82-94.Pan Y,Dai Y Y,Wu C P,et al.2009.Social capital,political connections and corporate investment decision[J].Economic Research Journal,44(11):82-94.(in Chinese) 潘越，宁博，肖金利.2015.地方政治权力转移与政企关系重建——来自地方官员更替与高管变更的证据[J].中国工业经济，(6):135-147.Pan Y,Ning B,Xiao J L.2015.Local political power transition and reconstruction of government-business relations—Evidence from local officials' turnover and executives' changes[J].China Industrial Economics,(6):135-147.(in Chinese) 王小鲁，余静文，樊纲.2016.中国市场化八年进程报告[J].财经，(11).Wang X L,Yu J W,Fan G.2016.Report on the eight-year process of marketization in China[J].Caijing,(11).(in Chinese) 王永进，盛丹.2012.政治关联与企业的契约实施环境[J].经济学(季刊),11(4):1193-1218.Wang Y J,Sheng D.2012.Political connection and contract enforcement environment[J].Journal of Economics (Quarterly),11(4):1193-1218.(in Chinese) 温忠麟，侯杰泰，张雷.2005.调节效应与中介效应的比较和应用[J].心理学报，37(2):268-274.Wen Z L,Hou J T,Zhang L.2005.A comparison of moderator and mediator and their applications[J].Acta Psychologica Sinica,37(2):268-274.(in Chinese) 夏后学，谭清美，白俊红.2019.营商环境、企业寻租与市场创新——来自中国企业营商环境调查的经验证据[J].经济研究，(4):84-98.Xia H X,Tan Q M,Bai J H.2019.Business environment,enterprise rent-seeking and market innovation:Evidence from the China enterprise survey[J].Economic Research,(4):84-98.(in Chinese) 徐业坤，钱先航，李维安.2013.政治不确定性、政治关联与民营企业投资——来自市委书记更替的证据[J].管理世界，(5):116-130.Xu Y K,Qian X H,Li W A.2013.Political uncertainty,political affiliation and private enterprise investment:Evidence from the turnover of municipal party secretaries[J].Management World,(5):116-130.(in Chinese) 余明桂，潘红波.2008.政治关系、制度环境与民营企业银行贷款[J].管理世界，(8):9-21,39.Yu M G,Pan H B.2008.The relationship between politics,institutional environments and private enterprises' access to bank lans[J].Management World,(8):9-21,39.(in Chinese) 于文超，何勤英.2013.投资者保护、政治联系与资本配置效率[J].金融研究，(5):152-166.Yu W C,He Q Y.2013.Investor protection,political connection and the efficiency of capital allocation[J].Financial Studies,(5):152-166.(in Chinese) 袁建国，后青松，程晨.2015.企业政治资源的诅咒效应——基于政治关联与企业技术创新的考察[J].管理世界，(1):139-155.Yuan J G,Hou Q S,Cheng C.2015.The curse effect of corporate political resources:An examination based on political affiliation and corporate technological innovation[J].Management World,(1):139-155.(in Chinese) 张建君，张志学.2005.中国民营企业家的政治战略[J].管理世界，(7):94-105.Zhang J J,Zhang Z X.2005.The political strategy of the entrepreneur in private corporate in China[J].Management World,(7):94-105.(in Chinese) 赵晶，孟维烜.2016.官员视察对企业创新的影响——基于组织合法性的实证分析[J].中国工业经济，(9):109-126.Zhao J,Meng W X.2016.Impact of official inspection on enterprises' innovation:An empirical study based on organizational legitimacy[J].China Industrial Economics,(9):109-126.(in Chinese) 周黎安.2007.中国地方官员的晋升锦标赛模式研究[J].经济研究，42(7):36-50.Zhou L A.2007.Governing China's local officials:An analysis of promotion tournament model[J].Economic Research Journal,42(7):36-50.(in Chinese) Acemoglu D,Johnson S.2005.Unbundling institutions[J].Journal of Political Economy,113(5):949-995. Adhikari A,Derashid C,Zhang H.2006.Public policy,political connections,and effective tax rates:Longitudinal evidence from Malaysia[J].Journal of Accounting & Public Policy,25(5):574-595. Allen F,Qian J,Qian M.2005.Law,finance,and economic growth in China[J].Journal of Financial Economics,77(1):57-116. Anderson C,Galinsky A D.2006.Power,optimism,and risk-taking[J].European Journal of Social Psychology,36(4):511-536. Baron D P.1995.Integrated strategy:Market and nonmarket components[J].California Management Review,37(2):47-65. Brandt L,Li H B.2003.Bank discrimination in transition economies:Ideology,information,or incentives?[J].Journal of Comparative Economics,31(3):387-413. Cohen L,Coval J,Malloy C.2011.Do powerful politicians cause corporate downsizing?[J].Journal of Political Economy,119(6):1015-1060. Faccio M.2006.Politically connected firms[J].American Economic Review,96(1):369-386. Jones B F,Olken B A.2005.Do leaders matter?National leadership and growth since World War II[J].The Quarterly Journal of Economics,120(3):835-864. Julio B,Yook Y.2012.Political uncertainty and corporate investment cycles[J].The Journal of Finance,67(1):45-83. Lenway S A,Rehbein K.1991.Leaders,followers,and free riders:An empirical test of variation in corporate political involvement[J].The Academy of Management Journal,34(4):893-905. Lerner J.1999.The government as venture capitalist:The long-run impact of the SBIR program[J].The Journal of Business,72(3):285-318. Li H B,Meng L S,Zhang J S.2006.Why do entrepreneurs enter politics?Evidence from China[J].Economic Inquiry,44(3):559-578. Peng M W,Heath P S.1996.The growth of the firm in planned economies in transition:Institutions,organizations,and strategic choice[J].Academy of Management Review,21(2):492-528. Shleifer A,Vishny R W.1994.Politicians and firms[J].The Quarterly Journal of Economics,109(4):995-1025. Xu C G.2011.The fundamental institutions of China's reforms and development[J].Journal of Economic Literature,49(4):1076-1151. Yonce A T.2010.Uncertain growth cycles,corporate investment,and dynamic hedging[D].Berkeley:University of California (Berkeley).
- (1)摘录于新华社北京2018年11月1日“习近平:在民营企业座谈会上的讲话”(https://baijiahao.baidu.com/s?id=1615936009108050301&wfr=spider&for=pc)。 (2)作者感谢审稿专家所提出的建设性意见,即从市级地区层面来考察合作建策的政商环境优化作用。