政治关联_多元化与企业风险_来自我国证券市场的经验证据

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。。。。、,,、。,,。,,(、,2007;、,2007)。,,,,。,。,。30,,。,,、。,,。,,,、。,。,,。,:?。,,,,;,。,,。,,,?(),,、*———□*(20080440244)。。、156--《》()20097(Adaptation,1988),(Barton,1988;、,2005)。,,。,2002~2006,。,,,;,,。:,,,;,,,。:;;;;。、,。,,,。,—。,。、,,。Gribbin(1976),,,。。,,。,(Teece,1982;NelsonandWinter,1982)。,。,,。—,,。,:(1)。,,(Jensen,1986)。(2)。,,。AmihudLev(1981),,,。ShleiferVishny(1989),,。,。(2006),、、、。、、(2005),,U,。(2002)。、(2007),、(2007),。,。(Montgomery,1984)。、、()、(),。Rumelt157--(1974),,(Palepu,1985;WernerfeltandMontgomery,1988)。(Raverscraft,1983),(Grantetal.,1988)。LangStulz(1994)BergerOfek(1995),,。2090,LangStulz(1994)BergerOfek(1995),(CampaandKedia,2002)。,。,LinsServaes(1999),,,。,、7%(LinsandServaes,2002)。,。(1999)1997,,。(2002)1998~2000,,。、、(2005)2002,。(2006),1999~2003,。,,2,,,,。MontgomerySingh(1984),Beta,,。Barton(1988)、,。ChangThomas(1989)ROA,,,。。,,(1999),、、(2006),、、(2005)。(2005)。,,,。,。。Faccio(2006)47,35,、,,,,。,2:(1),、、(Faccio,2006);,(Faccioetal.,2006);(Fanetal.,2006;、,2008)。(2),。Faccio(2006),,。、、158--《》()20097(2008),,。。,Chaney(2007),;Chen(2007),,;Faccio(2006),,,。Fan(2007)IPO,IPO,。,,,,。,。、,,,,(PengandHeath,1996)。,。,,,(Hoskissonetal.,2000)。。,Faccio(2006)47,、。Faccio(2006)35,,。Fan(2006),。,,,:,,,,;,,、,,。、(2007),,;、(2007),。,。,,。:,;、、,。,(Jensen,1986),,,93.81%,,。,,,。,。1:。,。MontgomerySingh(1984),,。Barton(1988)。Adaptation(1988)Thompson(1984),。(2005),。159--,,,,。,,,。,,,,,。,:2:。1,OLS:DIV,,3。(EI),:。pii,n。,EI,,0。,;herfindahl(HHI),:HHI=∑pi2,,HHI,,1;(N)。,N,,1。Political。,:,(CEO、、、),(Chaneyetal.,2007;Fac-cio,2006);,CEO,(Fanetal.,2007)。,,,,。Fan(2007)、、(2008),、。。1,Political。,。Ownership,1,0。,,,,。Lev,。,,Jensen(1986),,,。Size,。,,,(Denisetal.,1997)。,。Age,。,,,,。,(Denisetal.,1997;、、,2005)。,。,(Year)(Ind)。2,OLS:Beta,,,,(MontgomeryandSingh,1984;Barton,1988;Adaptation,1988;、,2005),CCER。2,DIV,DIV×Political、160--《》()20097213Pearson:*,**,***10%,5%,1%。。ROA,,,,,。Tobin’Q,,,,。,,,Lev。,,,,,SizeAge。(Thompson,1984;、、,2006)。,(Year)。、2002~2006、A,2002,,2002。,:(1),;(2);(3),;(4)1%99%。6092,1367。CCER,,。1。6092,93.81%,,。,38.57%,,。2。,,。,EI2.7138,-1.8141,,0.74900.7388,,。HHI0.45690.3903。N4.42404,4.4240,,291,。Beta,,1,。。,EI、N、HHI161--4:*,**,***10%,5%,1%。5:;*,**,***10%,5%,1%。6、:Beta;*,**,***10%,5%,1%。、×22,;(Beta),。,,。3Pearson。PoliticalEI、N,HHI,;EIBeta1%,HHIBeta1%,NBeta,;PoliticalBeta,。,,VIF10(),。4。,EIN、HHI,,1。、5OLS,(1)。,DIV,Political。3DIV,3,EI、NHHI。,,Political;,,,1,。,Ownership,,。Age,,,,,,,,。LevSize,、,。6(2),、。Be-ta,DIVPolitical162--《》()200977、。,3DIV,3,DIVEI、NHHI。,,DIV1%;,,,,,。DIVPolitical,,,,,,2,,。,ROA,,,。Tobin’Q,,,。Age,,,,,。Lev,。Size,,。,。(),(2),7。6,。,ST,,,,。、,,。,,,。,。,2002~2006,。,,,;,,。,。(1)、:《、》,《》,20071。(2)、:《》,《》,20052。(3):《、》,《》,20065。(4):《》,《》,20065。(5)、、:《、:;*,**,***10%,5%,1%。2×163--》,《》,200611。(6):《、》,《》,20029。(7)、:《、》,《》,20075。(8)、、:《、》,《》,20084。(9)、:《、》,《》,20088。(10)、、:《、》,《》,20053。(11)、、:《》,《》,20059。(12):《》,《》,199911。(13)Adaptation,P.,1988,“Diversification,CapitalStructureandSystematicRisk:AnEmpiricalinvestigation”,JournalofAc-counting,AuditingandFinance,3,pp.44~48.(14)Amihud,Y.andLev,B.,1981,“RiskReductionAsManagerialMotiveforConglomerateMergers”,BellJournalofE-conomics,12,pp.605~617.(15)Barton,L.S.,1988,“DiversificationStrategyandSys-tematicRisk:AnotherLook”,AcademyofManagementJournal,31(1),pp.166~175.(16)Berger,P.G.andE.Ofeck.,1995,“Diversification’sEffectonFirmValue”,JournalofFinancialEconomics,37,pp.39~65.(17)Campa,J.M.andKedia,S.,2002,“ExplainingtheDi-versificationDiscount”,TheJournalofFinance,57,pp.1731~1762.(18)Chang,Y.andH.Thomas,1989,“TheImpactofDiver-sificationStrategyonRisk-returnPerformance”,StrategicMan-agementJournal,10,pp.271~284.(19)Chaney,P.K.,M.FaccioandD.C.Parsley,2007,“TheQualityofAccountingInformationinPoliticallyConnectedFirms”,WorkingPaper,OwenGraduateSchoolofManagementofVanderbiltUniversity.(20)Chen,C.J.P.,Yuan,D.andChansog,F.K.,2007,“PoliticallyConnectedFirms,LegalEnforcement,andAnalystForecastAttributesAroundtheWorld”,WorkingPaper,CityU-niversityofHongKong.(21)Denis,D.,D.K.DenisandA.Sarin,1997,“AgencyProblems,EquityOwnershipandCorporateDiversification”,TheJournalofFinance,1,pp.135~160.(22)Faccio,M.,2006,“PoliticallyConnectedFirms”,TheAmericanEconomicReview,96(1),pp.369~386.(23)Faccio,M.,Ronald,W.M.andJohn,J.M.,2006,“Po-liticalConnectionsandCorporateBailouts”,TheJournalofFi-nance,61,pp.2597~2635.(24)Fan,J.P.H.,M.O.RuiandM.Zhao,2006,“RentSeekingandCorporateFinance:EvidencefromCorruptionCas-es”,WorkingPaper,HongKongUniversityofScienceandTech-nology.(25)Fan,J.P.H.,T.J.WongandT.Zhang,2007,“Politi-cally-connectedCEOs,CorporateGovernanceandPost-IPOPer-formanceofChina’sPartiallyPrivatizedFirms”,JournalofFi-nancialEconomics,84(2),pp.330~357.(26)Gribbin,J.D.,1976,“TheConglomerateMerger”,Ap-pliedEconomics,8,pp.19~35.(27)Grant,R.M.,Jammine,A.P.andThomas,H.,1988,“Diversity,DiversificationandProfitabilityamongBritishManu-facturingCompanies,1972~1984”,AcademyofManagementJour-nal,31(4),pp.771~801.(28)Hoskisson,R.E,Lorraine,E.,Chung,M.L.andMike,W.,2000,“StrategyinEmergingEconomies”,TheAcademyofManagementJournal,43(3),pp.249~267.(29)Jensen,M.C.,1986,“AgencyCostsofFreeCashFlow,CorporateFinance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