由于政府对某些行业的管制,民营企业在进入一些行业时会遇到较高的行政壁垒。现有文献将公司实际控制人或高管拥有的政治身份视为公司重要的政治关联方式,与其不同的是,文章将民营企业中具有国有股参股的行为当作一种重要的政治资本。使用上市公司2009-2014年的数据,实证检验了国有股权与企业经营环境对民营企业进入高壁垒行业的影响。研究发现:具有国有股参股的民营控股公司对其进入高壁垒行业有显著的正向影响,同时发现,在企业经营环境较差的省区,具有国有股参股的民营企业对其进入壁垒行业的影响较强。文章的理论与实证分析为更深层次地阐释在当前经济转型升级时期政治资本与制度环境对民营企业的影响提供了一个全新视角。
Private enterprises may encounter high administrative barriers in some industries because of government restrictions. Different with the previous literatures treating entrepreneurs' political participation as an important way of political connection, this study treats the state ownership in private-owned enterprises as an important political capital. Based on the data of private listed companies from 2009 to 2014, the paper empirically tests the effect of state ownership and corporate operation environment for private-owned companies entering into high barrier industries. The results show that private enterprises with state ownership have a significant positive impact on enterprises to enter the high barrier industries. In the lower level of enterprise's operation environment area, the higher impact on state ownership in private enterprises to entry barrier industries. This study provides a new perspective to understand factors affecting the development of private enterprises in the period of economic transformation.