企业政治策略形成影响因素——中国经验

本文运用因子分析与广义估计方程(GEEs)对中国企业政治策略选择的影响因素进行了实证研究.研究结果表明:(1)中国企业政治策略包括直接参与、财务刺激、代言人、制度创新、政府关联以及经营活动政治等六个层面的策略;(2)企业层面的影响因素中,企业规模、闲散资产以及多元化水平等因素均对不同层面的政治策略具有显著影响;(3)行业层面的影响因素中,行业管制程度、相对市场份额、企业间合作程度及行业内企业数均对不同层面的政治策略选择具有显著影响;(4)经营活动政治策略、代言人策略与财务刺激策略在行业问存在显著差异;(5)行业管制程度对财务刺激策略的行业间变异程度具有显著影响,相对市场份额、企业间合作程度对行业间代言人策略的变异程度具有显著影响,行业内企业数对行业间经营活动政治策略的变异程度具有显著影响.

The Determinants of Corporate Political Strategy:An Empirical Examination in China

This article focuses on the determinants of Chinese firms' po- litical strategies through factor analysis and general evaluation equa- tions.Empirical support is found below:(1) The taxonomy of CPS in China are direct participation strategy,financial incentive strategy, prolocutor strategy,institution innovation strategy,government as- sociation strategy,and government involvement strategy;(2) At the firm level,firm size,slack assets,and diversification level etc.are significantly associated to CPS;(3) At the industry level,industry regulated level,relative market shares,and cooperation level etc.are significantly linked to CPS;(4) Government involvement strategy, prolocutor strategy,and financial incentive strategy have significant difference across industries;(5) Level of regulation has strong effects on the variance of financial incentive strategy choice,relative market share and levels of cooperation have significant effects on the vari- ance of prolocutor strategy,and firm's quantity has strong influences on the variance of government involvement strategy across industries.