政治關聯與財務困境恢復－－基於ST上市公司「摘帽」的實證研究

Political Connections and Financial Distress Recovery: Based on ST Firms Uncapped Empirical Study

本文以1998-2009年滬深兩市的非金融類ST公司做為研究樣本，實證研究了企業擁有的政治關聯對ST公司擺脫財務困境以及陷入困境後公司業績變化的影響。結果顯示：從總樣本來看，公司擁有的政治關聯並不能顯著地幫助公司擺脫財務困境，但分樣本來看，私營企業的政治關聯在幫助公司擺脫財務困境方面起著積極的顯著作用，而對國有企業影響不顯著。同時，在陷入財務困境後，公司擁有政治關聯僅在短期內給企業經營業績帶來了改善，但無助於改善公司長期業績。

Using the samples of non-financial ST companies in Shanghai and Shenzhen Stock Exchanges between 1998 and 2009, we empirically study the influence of the political connections of ST firms on their ability to get rid of distress and the subsequent performance after falling into the financial distress. We have found that: from the total sample, political connections of ST firms can not significantly help themselves get rid of distress; however, from the sub-sample, when private firms fall into financial distress, their political connections can significantly help themselves get rid of distress, but the effects are insignificant for state-owned enterprises. At the same time, although the political connections can significantly boost firm’s performance in a short time, their effects in enhancing the firms’ performance in the long run are insignificant.