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本文基于政治资源企业视角,展现中国特定制度环境下,企业财富创造效率是如何客观地受到企业自身“自然特征”、社会制度环境特别是政治制度环境的制约与影响。在相关研究文献的基础上,本文选择最终控制权和企业年龄作为前因变量,检验其对中国政治资源企业运营效率的影响,发展了政治资源企业运营效率领域的研究。研究发现,在设立党组织的中国政治资源企业中,国有控股上市公司盈余现金保障能力显著大于民营上市公司,后者的资本周转效率显著大于前者;而上市年龄较小的企业运营效率显著大于上市年龄较大企业。本文提出,民营政治资源企业在提高政治资源潜力的同时,要在市场竞争性行业领域提高资本周转灵活性和盈余现金保障能力;国有政治资源企业在巩固资产保值增值和盈余现金保障能力的同时,必须依靠资本周转效率、周转灵活性提高自身的生存能力和市场竞争优势。两类政治资源企业都必须重视企业管理经验与创新能力长期积累对企业发展和运营效率改善作用。
Based on the perspective of political resources enterprises, this paper shows how the efficiency of corporate wealth creation under the specific institutional environment in China is subject to the constraints and influences of the enterprise’s own “natural features ”, the social system environment, especially the political system environment. Based on the relevant research literature, this paper chooses the final controlling power and the age of the enterprise as the antecedents to test its impact on the operational efficiency of China’s political resources enterprises and to develop the research on the operational efficiency of the political resources enterprises. The study found that in the establishment of political organizations in China’s political resources enterprises, the state-controlled listed companies surpluses cash retention is significantly greater than the private listed companies, the latter’s capital turnover efficiency was significantly greater than the former; the younger listed companies operational efficiency significantly greater than the market Older businesses. This paper proposes that while improving the potential of political resources, privately-run political resource enterprises should enhance capital turnover flexibility and surplus cash security in the market-competitive industries. While the state-owned political resource enterprises are consolidating the ability to preserve and increase their value and earn surplus cash, We must rely on the efficiency of capital turnover and revolving flexibility to improve our own viability and market competitive advantage. Both types of political resources enterprises must attach importance to the long-term accumulation of business management experience and innovation ability to improve the efficiency of enterprise development and operation.