Political connections, financing and firm performance: Evidence from Chinese private firms

被引：1052
|
作者：
Li, Hongbin [1 ,2 ]
Meng, Lingsheng [3 ]
Wang, Qian [4 ]
Zhou, Li-An [5 ]
机构：
[1] Chinese Univ Hong Kong, Dept Econ, Shatin, Hong Kong, Peoples R China
[2] Tsinghua Univ, Sch Econ & Management, Beijing 100084, Peoples R China
[3] Univ Maryland, Dept Econ, College Pk, MD 20742 USA
[4] Chinese Univ Hong Kong, Sch Accountancy, Shatin, Hong Kong, Peoples R China
[5] Zhejiang Univ, Peking Univ, Guanghua Sch Management, Ctr Res Private Enterprise, Hangzhou, Zhejiang, Peoples R China
来源：
JOURNAL OF DEVELOPMENT ECONOMICS | 2008年 / 87卷 / 02期
关键词：
political connections; financing; Finn performance; China;
D O I：
10.1016/j.jdeveco.2007.03.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the role of affiliation with the ruling Communist Party in the operation of private enterprises in China. Using a nationwide survey of private Finns, we find that the Party membership of private entrepreneurs has a positive effect on the performance of their firms when human capital and other relevant variables are controlled. We further find that Party membership helps private entrepreneurs to obtain loans from banks or other state institutions, and affords them more confidence in the legal system. Finally, we find Party membership to be more important to firm performance in regions with weaker market institutions and weaker legal protection. (C) 2007 Elsevier B.V All rights reserved.
引用
收藏
页码：283 / 299
页数：17
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