实物期权视角下政治关联与民营企业的成长价值

利用实物期权理论,利用867个民营上市公司样本,实证分析了民营企业先天"出生"和后天"红顶"这2种政治关联形式对企业成长的作用,其中,前者指民营企业家和高管是否拥有政府工作经历,后者指是否拥有人大政协的政治身份。实证结果发现,政府经历型关联提高了企业增长期权价值,但是政治身份型关联却降低了企业增长期权价值。民营企业的政治关联并非必定带来绝对收益,而是具有"得到与付出"双重效应。在经济转型过程中民营企业的战略意图逐渐向市场化倾斜。

The Political Connection and Growth Value of Private Firms: A Real Option Perspective

Based on real option theory,we adopt an improved calculation of growth option value and empirically shed light on the influence of two kinds of political connection,a born political background or an acquired political status,with the the former means whether actual controllers have ever worked for government and the latter indicates whether they serve as deputies to the People’s Congress or Peoples’ Political Consultative Committee after.The results show the born political background enhances private firm’s growth option value whereas political status reduces it.The finding suggest a "gets and gives" dual effects of political connections,the tie to political institutions would not bring the absolute benefit to private firm as expected and private firm’s strategy has become increasingly market-driven and combined with the development of market-support institutions.