政治关系与中国股市整体业绩的关系研究
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| Title | Political Connections and the Performance of China’s Stock Markets
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| 作者 | 周宏 李国平 |
| Author | Zhou Hong and Li Guoping |
| 作者单位 | 中央财经大学 |
| Organization | Central University of Finance and Economics |
| 作者Email | zhouhuge@163.com；gpli100@sina.com |
| 中文关键词 | 中国股市 政治关系 IPO 股市监管 |
| Key Words | Political connections; China’s stock markets; Stock market regulation; |
| 内容提要 | 过去20年中，中国A股市场的持续整体低收益与中国经济的持续高速增长很不相称。本文研究政治关系与上市公司财务业绩以及合规行为之间的关系，并且发现，在中国A股市场中，上市公司拥有政治关系的现象相当普遍，而政治关系能够给上市公司带来多种监管收益。拥有政治关系的公司更可能在IPO之后出现显著性的业绩下降；更可能出现违法违规行为，但被监管机构处罚的概率低于没有政治关系的公司；长期业绩更可能低于没有政治关系的公司。本文认为，政治关系无处不在的普遍性及重要性是中国A股市场的一个典型特征，而这一典型特征来自IPO核准（审批）制下的寻租行为。本文的研究有助于解释中国股市的整体业绩不佳，也有助于政府如何创建一个具有为投资者创造财富能力的股市。 |
| Abstract | During the past two decades, the growth of Chinese economy has been impressive, while the performance of China’s stock markets remarkably unsatisfactory. Based on previous findings that in China’s state-controlled going public process, politically connected companies are significantly more likely to receive favorable treatments from regulatory authorities, this study finds that in China’s stock markets, politically-connected companies are more likely to report deterioration in financial performance upon completing IPOs and to engage in law-breaking activities while less likely to be punished by regulatory authorities. Politically connected companies are also found to under-perform firms without political connections in terms of long-term financial performance. The ubiquitous importance of political connections which is resulted from rent-seeking under merit-review regulatory regime and is a fundamental feature of China’s stock markets suggests that China’s stock markets are somehow regulated under a de facto political connections-based regime. This may help explain the consistent poor performance of China’s stock markets. |
| 文章编号 | WP638 |
| 登载时间 | 2014-07-28 |
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