7028 
5164民营企业家参政所产生的政治关联效应已受到广泛关注，但民营企业中的国有股权是否也具有政治关联效应还有待进一步证实。文章以中国民营控股上市公司为样本，研究了国有股权在民营企业中的政治关联效应和作用机制。研究发现：民营企业中的部分国有股权能够为其发展获取更多的经济资源与发展机会，因为国有股权可以依靠其与政府的体制关联为民营企业的发展提供声誉担保；与此同时，这些融资便利与经济资源能够进一步提升民营企业的经营业绩。文章拓展了公司政治关联领域的研究文献，为进一步全面理解中国经济转型时期政治关联对企业的影响提供了一个新的视角。
国有股权能够为民营企业带来好处吗?—基于中国上市公司的实证研究
摘要
参考文献
10 Adhikari A, Derashid C, Zhang H. Public policy, political connections, and effective tax rates:Longitudinal evidence from Malaysia[J]. Journal of Accounting and Public Policy, 2006, 25(5):574-595. DOI:10.1016/j.jaccpubpol.2006.07.001
11 Boubakri N, Cosset J C, Saffar W. Political connections of newly privatized firms[J]. Journal of Corporate Finance, 2008, 14(5):654-673. DOI:10.1016/j.jcorpfin.2008.08.003
12 Chen C J P, Li Z, Su X, et al. Rent-seeking incentives, corporate political connections, and the control structure of private firms:Chinese evidence[J]. Journal of Corporate Finance, 2011, 17(2):229-243. DOI:10.1016/j.jcorpfin.2010.09.009
13 Harvey C R, Lins K V, Roper A H. The effect of capital structure when expected agency costs are extreme[J]. Journal of Financial Economics, 2004, 74(1):3-30. DOI:10.1016/j.jfineco.2003.07.003
15 Wu W, Wu C, Zhou C, et al. Political connections, tax benefits and firm performance:Evidence from China[J]. Journal of Accounting and Public Policy, 2012, 31(3):277-300. DOI:10.1016/j.jaccpubpol.2011.10.005
16 Xu N, Xu X, Yuan Q. Political connections, financing friction, and corporate investment:Evidence from Chinese listed family firms[J]. European Financial Management, 2013, 19(4):675-702. DOI:10.1111/eufm.v19.4
17 Zhang J, Tan J, Wong P K. When does investment in political ties improve firm performance? The contingent effect of innovation activities[J]. Asia Pacific Journal of Management, 2015, 32(2):363-387. DOI:10.1007/s10490-014-9402-z
18 Zhao H, Lu J. Contingent value of political capital in bank loan acquisition:Evidence from founder-controlled private enterprises in China[J]. Journal of Business Venturing, 2016, 31(2):153-174. DOI:10.1016/j.jbusvent.2015.12.002
引用本文
余汉, 杨中仑, 宋增基. 国有股权能够为民营企业带来好处吗?—基于中国上市公司的实证研究[J]. 财经研究, 2017, 43(4): 109–119.
导出参考文献，格式为：
