民营上市公司政治关联、股权融资与公司治理效率

• 作 者: 许楠 梁碧菲
• 机 构: 河北工业大学经济管理学院,燕山大学经济管理学院,
• 出 处: 财会通讯
• 发表日期: 2016年03期
• 关键词: 政治关联 股权融资 公司治理效率 代理成本

本文以我国2012年在沪深两市IPO的民营上市公司为研究样本,实证检验了公司政治关联对股权融资与公司治理效率的影响。研究发现,与政府建立政治关联可以提高民营上市公司IPO的募集资金额度;但是,政治关联的建立使得公司的代理成本明显加大,高管薪酬-业绩敏感性显著降低,对公司治理效率产生了负面影响。

Based on the sample of private listed companies that IPO in Shanghai and Shenzhen in 2012, this paper empirically tests the impact of corporate political relations on equity financing and corporate governance efficiency. The study found that the establishment of political relations with the government can raise the amount of IPO funds raised by private listed companies; However, the establishment of political connections makes the company’s agency costs significantly increased, executive compensation significantly reduced performance-sensitive, resulting in the efficiency of corporate governance Negative impact.