[국내논문]정치적인 배경이 기업 실적에 영향을 주는가? 중국의 상장된 부동산 회사들을 중심으로 Do Political Connections Affect Corporate Performance? Evidence from Listed Real Estate Companies in China원문보기
많은 나라에 정치적 연결이 널리 퍼져 있으며 현재 경제연구에서 화두가 되고 있다. 중국에서는 기업들이 여러 가지 방법으로 정치적 연결을 활발히 형성하고 있다. 본 논문은 연구모델과 이론분석을 바탕으로 2010~2014년 중국 A주 상장부동산의 재무자료와 기업지배구조 자료를 활용해 정치연계 및 기업성과의 연구 모델을 제시하고 구성한다. 논문은 주로 CEO의 정치 연관성을 분석한다. 이 연구는 분석 결과에 대해 일변량 회귀 분석과 다변량 분석을 사용하여 강건성 테스트를 수행한다. 실증적 연구 분석은 세 부분으로 구성되어 있다. 첫째, 중국 상장 부동산 기업의 경우 CEO 정치 연계는 기업 실적과 상당히 부정적인 상관관계를 가지고 있다. 이는 CEO가 정치적 연줄이 있는 부동산 기업이 다른 기업보다 낮은 성과를 얻는다는 것을 의미한다. 둘째, CEO의 개인적 특성에서 연령, 성별, 교육수준은 기업의 성과와 긍정적인 관계를 가지며, 추가적인 이후 상황은 기업의 성과와 부정적으로 관련되어 있다는 것을 의미한다. 마지막으로 기업 특성은 기업의 성과와 부정적인 관계를 가지며, 최고 관리자 수는 기업의 성과와 긍정적으로 관련되어 있다. 이 연구는 중국 부동산 산업의 정치적 연관성에 대한 연구를 수행했으며, 기업의 발전에 유익한 참고 자료를 제공할 수 있다.
많은 나라에 정치적 연결이 널리 퍼져 있으며 현재 경제연구에서 화두가 되고 있다. 중국에서는 기업들이 여러 가지 방법으로 정치적 연결을 활발히 형성하고 있다. 본 논문은 연구모델과 이론분석을 바탕으로 2010~2014년 중국 A주 상장부동산의 재무자료와 기업지배구조 자료를 활용해 정치연계 및 기업성과의 연구 모델을 제시하고 구성한다. 논문은 주로 CEO의 정치 연관성을 분석한다. 이 연구는 분석 결과에 대해 일변량 회귀 분석과 다변량 분석을 사용하여 강건성 테스트를 수행한다. 실증적 연구 분석은 세 부분으로 구성되어 있다. 첫째, 중국 상장 부동산 기업의 경우 CEO 정치 연계는 기업 실적과 상당히 부정적인 상관관계를 가지고 있다. 이는 CEO가 정치적 연줄이 있는 부동산 기업이 다른 기업보다 낮은 성과를 얻는다는 것을 의미한다. 둘째, CEO의 개인적 특성에서 연령, 성별, 교육수준은 기업의 성과와 긍정적인 관계를 가지며, 추가적인 이후 상황은 기업의 성과와 부정적으로 관련되어 있다는 것을 의미한다. 마지막으로 기업 특성은 기업의 성과와 부정적인 관계를 가지며, 최고 관리자 수는 기업의 성과와 긍정적으로 관련되어 있다. 이 연구는 중국 부동산 산업의 정치적 연관성에 대한 연구를 수행했으며, 기업의 발전에 유익한 참고 자료를 제공할 수 있다.
Political connection are widespread in many countries and are a hot topic in economic research right now. In China, companies are actively forming political connections in several ways. Based on the research model and theoretical analysis, this thesis puts forward the research hypothesis and constru...
Political connection are widespread in many countries and are a hot topic in economic research right now. In China, companies are actively forming political connections in several ways. Based on the research model and theoretical analysis, this thesis puts forward the research hypothesis and constructs the research model of political connections and corporate performance using the financial data and corporate governance data of China A-share listed real estate companies in 2010-2014. The thesis mainly analyzes the political association of CEO. For the analysis result, this research uses the univariate regression analysis and multivariate analysis to carry out the robustness test. The empirical study analysis includes three parts: firstly, in Chinese listed real estate enterprises, CEO political connection has a significantly negative correlation with corporate performance. It means real estate enterprises whose CEO has political connections gain a lower performance than other enterprises; Secondly, from the personal characteristics of the CEO, age, sex and education level have positive relationship with the performance of the enterprise, the additional post situation negatively related to the firm's performance; Finally, the firm's scale liquidity ratio and capital asset rario have a negative relationship with corporate performance, and the number of top managers is positively related to corporate performance. This research made a study on the political connection in Chinese real estate industry, which could also provide beneficial references for the development of enterprises in this industry.
Political connection are widespread in many countries and are a hot topic in economic research right now. In China, companies are actively forming political connections in several ways. Based on the research model and theoretical analysis, this thesis puts forward the research hypothesis and constructs the research model of political connections and corporate performance using the financial data and corporate governance data of China A-share listed real estate companies in 2010-2014. The thesis mainly analyzes the political association of CEO. For the analysis result, this research uses the univariate regression analysis and multivariate analysis to carry out the robustness test. The empirical study analysis includes three parts: firstly, in Chinese listed real estate enterprises, CEO political connection has a significantly negative correlation with corporate performance. It means real estate enterprises whose CEO has political connections gain a lower performance than other enterprises; Secondly, from the personal characteristics of the CEO, age, sex and education level have positive relationship with the performance of the enterprise, the additional post situation negatively related to the firm's performance; Finally, the firm's scale liquidity ratio and capital asset rario have a negative relationship with corporate performance, and the number of top managers is positively related to corporate performance. This research made a study on the political connection in Chinese real estate industry, which could also provide beneficial references for the development of enterprises in this industry.
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문제 정의
In researching the impact of political connections, most of the existing studies may put the emphasis on the financial or the economic system background but seldom refer to the role played by the corporate governance in the government-relation and the influence of senior executives on the corporate performance. This article is aimed at revealing the impacts of the CEOs on the political connections-business performance in the present Chinese real estate industry. Based on the empirical analysis of some Chinese real estate enterprises, this article will make a further study on the political connection in Chinese real estate industry, which could also provide some beneficial references for the developments of enterprises in this industry.
제안 방법
The purpose of this article is to investigate the impact of CEO political connections on Chinese listed real estate companies, so on this basis, the CEO's personal characteristics and political connections are taken into consideration.
After the descriptive statistical analysis of each variable, to avoid that the model test results are influenced by serious collinearity between the variables, this paper further analyzes the correlation coefficient between the various research variables of the sample companies.
In this article, there are some insufficiencies in two aspects: First, the measurement of political relevance: the assignment method is used to measure the degree of political connections of real estate enterprises that whether the CEOs have ever served as government officials, whether the CEOs are former or the current NPC deputies or CPPCC members. From this aspect, this research is comparatively scientific.
대상 데이터
(2) eliminate the eight companies, whose data were missing during the period from Jan 1st, 2010 to Dec 31st. According to the above two standards, combining the CSMAR database and the financial data from the annual reports of the listed corporates, 118 available samples were obtained in this paper. Most real estate listed companies that issue A shares are engaged in land developing, real estate selling and renting.
성능/효과
The regression coefficient of the ROI and the political connections(PC) are negative at the 5% significance level, indicating that the CEO’s political connection caused a significant reduction on the corporate performance; The CEO’s gender is positively but not significant correlated with the corporate performance (ROA); the age of the CEO is positively related to business performance (ROA) significantly at 5% level; the number of top managers in the firm is positively correlated with the firm's performance (ROA) significantly at the 10% level; the shareholding ratio of first company shareholder and the total asset growth rate (TAGR) are positively correlated with firm performance (ROA) significantly at 1% level; Lnsize is negatively correlated with firm performance (ROA) significantly at 1% level; both, the liquidity ratio and the capital asset ratio (Lev) are also negatively but not significantly correlated with firm performance (ROA).
From model(1) to model (5), a more consistent regression result is obtained that the corporate performance (ROA) is negatively correlated with the CEO's political connections (PC), of which the regression coefficients are all at 1%~5% significance level; Gender and degree are positively but not significant correlated with corporate performance (ROA); age and ROA are positively related at the 5% significance level; the number of top managers in the firm is positively correlated with ROA at the 10% significance level; the shareholding ratio of the first company shareholder and the total assets growth ratio (TAGR) are positively related to corporate performance (ROA) at 1% significance level; both, the ratio of flow and asset-liability (Lev) are also negatively but not significantly correlated with corporate performance (ROA).
In the model (1), the variable of gender, age, degrees are removed from the personal characteristic variables in the control variables to return. The regression results show that the regression coefficient between corporate performance (ROA) and CEO political connections (PC) is -0.0206, which means the political background of CEO would go against to corporate performance; the number of top managers is also positively correlated with the corporate performance at 10% significance level; and the increases of the shareholding ratio of the first company shareholder (share) and the total assets growth ratio (TAGR) would cause the increasing of the corporate performance and are at 1% significance level; while with the increase of LNsize, the corporate performance would decrease; both, finance and Lev are also negatively correlation with corporate performance (ROA) correlation, of which regression coefficients were -0.0031, -0.0015 and -0.0109 but not significant. In the model (2), model (3), model (4) and model (5), the regression analysis shows that the regression coefficients of corporate performance (ROA) and CEO political connections (PC) are respectively 0.
Finally, from the enterprise characteristics, the number of top managers and the ratio of first company shareholder are positively related to firm performance, and the firm's scale, liquidity ratio and capital asset ratio are negatively correlated with firm performance.
First, after controlling for the relevant characteristic variables of the enterprise or the CEO, it is found that the higher the degree of political connection(PC) of the enterprise or CEO, the worse the corporate performance (ROA). The result shows that the listed real estate companies pay more cost than profits to establish political connections.
후속연구
This article is aimed at revealing the impacts of the CEOs on the political connections-business performance in the present Chinese real estate industry. Based on the empirical analysis of some Chinese real estate enterprises, this article will make a further study on the political connection in Chinese real estate industry, which could also provide some beneficial references for the developments of enterprises in this industry.
And from the aspect of empirical aspects, the differences between different types of top managers can be distinguished by comparing the different impacts caused by different top managers in the system of "political relevance - corporate performance”. Second, the selection of control variables: to further discover the relationship between the political association of the real estate enterprise and the performance of the company, and also figure out its mechanism of action, the intermediate variables should be further explored. In the existing research, it is always analyzed from the aspect of the nature of the enterprise's ultimate controller and the institutional environment.
However, it is also slightly inadequate to do research based on the characteristics of executives, internal governance and other endogenous factors of research. Therefore, the follow-up research can be further done from the aspect of endogenous variables and exogenous variables.
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