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文章以2002-2010年期间A股上市公司为研究样本,考察了不同产权性质公司高管政治网络对资本配置效率的影响。结果发现,高管政治网络对公司的资本投资产生显著的正面影响,且这种影响效应在国有公司中更大更显著。在国有公司中,高管政治网络加大了公司的过度投资水平,降低了投资效率;与中央国有公司相比,地方国有公司高管政治网络对过度投资的正面影响效应更大;而在民营公司中,高管政治网络能缓解公司的过度投资,抑制投资不足,从而促进了公司资本配置效率的提升。
This article takes the A-share listed companies during 2002-2010 as the research sample to examine the impact of top management political networks of different property rights on capital allocation efficiency. The results showed that senior political network had a significant positive impact on the company’s capital investment, and the effect was bigger and more significant among state-owned companies. Among the state-owned companies, the executive political network increased the over-investment of the company and reduced the investment efficiency. Compared with the central state-owned company, the positive influence of the top political network of the local state-owned company on overinvestment was more effective. In the private sector In the company, the executive political network can ease the company’s over-investment, inhibit the lack of investment, thus promoting the company’s capital allocation efficiency.