政治关联与民营纺织企业经营绩效的关系研究——来自沪深两市的的数据实证

政治干预市场有一定的必要性，但也可能阻碍市场的配置效率。作为传统的纺织行业，政治关联现象较为普遍，尤其是对于民营企业来说，干预对企业的经营绩效如何影响，对于产业和企业发展来说至关重要。本文以2009—2011年沪深两市符合条件的民营纺织企业为样本，建立模型并得出回归方程，结果发现：一般情况下不建议政府干预，但在政治关联背景下则应该提高干预层次和减少干预人员的比率，在民主环境下的大公司关联效果更好。

Study on the Relationship between Political Connection and Private Textile Enterprises --Empirical Research Based on Data From Chinese Listed Companies

It is necessary to have political intervention on the market. But it may hinder market allocation efficiency as well. In traditional textile industry, political connection phenomenon is relatively common, especially to private enterprises. The effect of political connection is critical to the industry and enterprises＇ development. This paper takes samples form Chinese listed companies of years 2009-2011, which meet the private textile standards. Then it explores regression equation model. The conclusion drawn form the paper is as follows： under normal circumstances, it is unnecessary to connection to government, but in the political relevant background, it should improve connection levels and reduce the ratio of connection personnel. Better effects would be obtained in democratic and big companies.