中文摘要：

以无锡尚德为案例，研究了拥有政治关系的民营企业，在政府干预下的过度扩张的问题。研究发现，尚德虽然在政府的支持下创造了一系列的辉煌业绩，但随着政府的干预，尚德过度投资问题愈加严重，并深陷财务危机而无法自拔，最终导致企业破产。对转变政府职能和完善市场机制具有一定的启示意义。

英文摘要：

Taking Suntech Power Holding Co. Ltd. as a case, this paper studies the problem of over-investment in the private companies with political connection. It is found that Suntech once created a series of brilliant perform- ance with the support of government, however, under the intervention of the government, the problem of over-in- vestment in Suntech got increasingly serious and fell into financial crisis so that it is unable to extricate itself. Even- tually, Suntech had to face bankruptcy. This paper gives some enlightenment in improving the market mechanism and the transformation of government functions.