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Economic and political Studies 2023年第2期11卷 174-208页

作者： Zhengkai Liu Debao Hu Zheng He International College Renmin University of China(Suzhou Research Institute)SuzhouChina School of Economics and Management Shanghai Maritime UniversityShanghaiChina

This paper examines the effect of political connections between mutual fund managers and politicians on the fund performance.Using the publicly available data of individual political donations,we regard the mutual funds as politically connected when their managers make financial contributions to politicians.First,we show that aggregated stock holding changes of politically connected funds predict subsequent abnormal stock returns around the earnings announcement day,implying that the political connection promotes managers’stock picking abilities.Further evidence derived from the sample of entry buys and exit sells shows that politically connected funds outperform politically non-connected funds by 82 basis points annually.Second,we provide evidence that earnings forecast accuracy for the firms whose stocks are held by politically connected funds is improved significantly when time is approaching the announcement date,highlighting the importance of political channels through which information flows between firms and the market are facilitated.

关键词： political connection mutual fund information advantage earnings forecast

The Three Links policy and stock returns

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Economic and political Studies 2022年第3期10卷 327-341页

作者： Allen Lin Steven Raymar Gabelli School of Business Fordham UniversityNew YorkNYUSA

This study examines whether the Three Links(3L)policy affected stock returns before,during and after the 2008 Taiwan leadership election.The evidence shows that companies in the industries benefitting from(being damaged by)the 3L policy earned posi-tive(negative)cumulative abnormal returns.Although the polit-ical party connection/affiliation seems to have had an impact as well,it was not persistent.When both factors–the policy effect and the political connection effect–are considered together,we find that the policy effect persisted during the election,while the political connection effect did not.It is obvious that the policy effect is a powerful factor explaining changes of stock returns during the 2008 leadership election in China’s Taiwan.

关键词： The Three Links(3L)policy political connection cumulative abnor-mal returns

Monetary policy,government control and capital investment:Evidence from China

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China Journal of Accounting Research 2018年第3期11卷 233-254页

作者： Jing Zhao Xiao Chen Ying Hao Business School Beijing Technology and Business University School of Management and Economics Tsinghua University Business School Beijing Normal University

This study examines how the relationships between local governments and local enterprises moderate the effect of targeted monetary policies through different action-propagating mechanisms. First, we investigate the impact of monetary policies on enterprise investment in areas with different institutional environments. Second, we investigate the impact of monetary policies on stateowned enterprises(SOEs) with different property rights structures. Third, we examine how political connections can influence the action-propagating mechanism of monetary policies. We conclude that in China monetary policies have different effects on SOEs and on private enterprises with or without political connections. Specifically, local government interventions can significantly weaken and distort the effects of monetary policies, such that the intended reduction in investment is noticeably alleviated for SOEs and private enterprises with close links to local governments.

关键词： Monetary policy Government intervention Nature of property rights political connection Capital investment

Resignation of officials as independent directors and firm performance

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Frontiers of Business Research in China 2020年第4期14卷 498-518页

作者： Ting Ren Youzhi Xiao Xinguo Yu Hongyan Yang Jianmei Ge HSBC Business School Peking UniversityShenzhenChina Full list of author information is available at the end of the article

In 2013,the Chinese government implemented Rule No.18,which suspended the directorships of incumbent government officials and precluded those who retired within the past three years from serving as independent directors for listed firms.The surprise implementation of Rule No.18 triggered a wave of resignations among official independent directors(OIDs).The event provided a unique opportunity to examine the impacts of the political connections of board members on firm performance.We applied a difference-in-difference technique to empirically investigate the effect of OID resignations on firm performance from the perspectives of resource dependence theory and social capital theory.The results indicate that the resignation of OIDs had a significantly negative effect on firm performance,as measured by Tobin's 0 and firm leverage.This also confirmed the importance of independent directors'political connection on firm performance,as discovered in prior research.However,this influence varied across OIDs'heterogeneity,external environment and firm ownership.The results indicate that political connections may not be necessary channels for firms to achieve success.

关键词： Firm performance Independent director political connection Resource dependence theory Social capital theory

The U-Shaped Relationship Between CEO Overconfidence and Corporate Financial Fraud——Evidence from China

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The U-Shaped Relationship Between CEO Overconfidence and Cor...

旅游私营企业的政治关联、慈善捐赠与企业家地位认同

第十七届（2022）中国管理学年会

作者：李大元赵玉情张璐中南大学商学院湖南第一师范

The storm of corporate financial fraud has caused huge losses worldwide.As an important psychological feature of CEOs,overconfidence is a factor that cannot be ignored and which affects corporate financial fraud.Based on upper echelons and institutional theories,this study explores the correlation between CEO overconfidence and corporate financial fraud,and introduces three moderating variables of state ownership,political connection and market competition from an institutional perspective.The results show that there is a U-shaped relationship between CEO overconfidence and corporate financial fraud,and state ownership and market competition significantly weaken the relationship,while political connection has no significant effect on it.The conclusion provides a basis for the government to formulate policies,enterprise management practices and investor decisions.

关键词： Corporate financial fraud CEO overconfidence State ownership political connection Market competition

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旅游管理

旅游管理 2021年第1期

作者：黎耀奇宋亚亚宋丽红

旅游企业的慈善捐赠行为是一个重要的研究话题，然而现有研究主要集中在经济动机及其对企业经营绩效的影响等方面，甚少关注到旅游企业慈善捐赠的政治动机及其对企业家自身的影响作用。文章从政治动机的角度出发，基于538家旅游私营企业... 详细信息

旅游企业的慈善捐赠行为是一个重要的研究话题，然而现有研究主要集中在经济动机及其对企业经营绩效的影响等方面，甚少关注到旅游企业慈善捐赠的政治动机及其对企业家自身的影响作用。文章从政治动机的角度出发，基于538家旅游私营企业在2006-2012年期间调查数据的分析，发现旅游私营企业的政治关联与慈善捐赠水平正相关，这种政治关联驱动下的慈善捐赠水平的提高可以进一步提升企业家的社会地位认同。此外，旅游私营企业的规模会弱化政治关联对企业慈善捐赠水平的正向作用，即旅游私营企业的规模越大，政治关联与企业慈善捐赠水平的正相关关系越弱。以上结论对政企关系与旅游企业慈善捐赠行为的相关研究具有一定的研究贡献。

关键词：政治关联慈善捐赠地位认同旅游私营企业 political connection charitable donation status identification private tourism enterprises

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亏损企业慷慨捐赠的背后

企业管理研究

企业管理研究 2012年第11期 148-160页

作者：李四海陆琪睿宋献中

本文以我国2004-2010年度亏损上市企业为研究样本，通过政府补助这一中介变量，研究政府的支持之手对企业捐赠这一资源付出行为的影响。研究发现，亏损企业的捐赠行为确实受到了政府利益(补助)的影响，获得政府补助越多的民营亏损企业... 详细信息

本文以我国2004-2010年度亏损上市企业为研究样本，通过政府补助这一中介变量，研究政府的支持之手对企业捐赠这一资源付出行为的影响。研究发现，亏损企业的捐赠行为确实受到了政府利益(补助)的影响，获得政府补助越多的民营亏损企业不论是捐赠意愿还是捐赠水平都显得更为突出，反映了在我国当前的制度背景下，政府在企业捐赠行为中起着重要作用，民营亏损企业捐赠的背后隐藏着基于政府利益(补助)的交换，在我国的企业捐赠中存在着基于互惠交换的理性捐赠行为，并且这种理性捐赠行为在一定程度上可以作为民营亏损企业未来发展前景的一种信号传递。

关键词：企业捐赠政府补助产权性质政治联系　　corporate donation government subsidies property rights political connection

民营企业政治联系的背后：扶持之手与掠夺之手

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社会主义经济理论与实践 2011年第10期 133-144页

作者：连军刘星连翠珍

以往的研究为政治联系带来的“扶持之手”提供了较多证据，而文章从资本投资视角探讨民营企业构建和维持政治联系所付出的隐性代价，发现在市场化程度较低的地区有政治联系的民营企业资本投资很大程度上受到政府“掠夺之手”的侵害，虽... 详细信息

以往的研究为政治联系带来的“扶持之手”提供了较多证据，而文章从资本投资视角探讨民营企业构建和维持政治联系所付出的隐性代价，发现在市场化程度较低的地区有政治联系的民营企业资本投资很大程度上受到政府“掠夺之手”的侵害，虽具有较大的投资规模，但却表现为较低的投资效率，并且不利于企业R&D投资；而在市场化程度较高的地区“掠夺之手”则未显著出现。文章认为，从资本投资角度看，在市场化程度较低的地区构建政治联系对民营企业弊大于利。

关键词：政治联系资本投资扶持之手掠夺之手 political connection capital investment helping hand grabbing hand

中国环境信息披露政策是否有效：基于资本市场反应的研究

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投资与证券 2019年第2期

作者：方颖郭俊杰

本文通过系统考察A股市场对环保部门披露的企业环境处罚信息的反应，发现我国环境信息披露政策在金融市场途径上是基本失效的。特别地，我们重点对其制度原因及社会影响因素进行深入分析，发现我国在环境立法上所规定的环境违法责任偏... 详细信息

本文通过系统考察A股市场对环保部门披露的企业环境处罚信息的反应，发现我国环境信息披露政策在金融市场途径上是基本失效的。特别地，我们重点对其制度原因及社会影响因素进行深入分析，发现我国在环境立法上所规定的环境违法责任偏低、环境执法上地方政府出于保护当地经济增长放松环境管制并对政治关联企业给以环境“软约束”所造成的环境违法成本过低，是我国环境信息披露政策失效的根本原因。环境管制的加强能够显著提升投资者的惩罚性反应，而企业的政治关联程度则起相反作用。在环境信息披露政策有效性所依赖的社会环境条件方面，通过对比A股市场和H股市场投资者对企业环境责任的重视程度及对企业环境违法信息的反应，我们发现A股市场投资者环境保护意识不足对我国环境信息披露政策在金融市场途径上的失效产生了一定影响。同时，媒体报道和环境污染社会关注度的提高都有助于环境信息披露政策的有效实施。

关键词：环境信息披露环境管制政治关联媒体披露环境污染社会关注度　　disclosure of environmental information environmental regulation political connection media disclosure social attention paid to environmental pollution