关键词: 管理者声誉 , 政治关联 , 倾向评分匹配 , 来源 , 经营绩效

Abstract:

In China, the way to get a rich reward and a better career for the enterprise managers is not only through the good operating results, the close contact with the government will be also virtual. Starting from the unique perspective of political association managers, this paper studies the source of the reputation and the shortterm stock price and longterm performance of the enterprise. This paper uses the propensity score matching method to solve the endogenous problem effectively, basing on the panel data of listed companies from 2005 to 2012. This study finds that the managerial reputation of stateowned enterprise may mainly rely on its political connection support, and the managerial reputation of private enterprise may mainly base on their own good operating performance. Managerial reputation has a significant negative effect on its shortterm stock price, while it has a significant positive effect on the longterm operating performance. This paper provides new empirical evidence for perfecting the labor market of managers and the marketoriented reform of stateowned enterprises.

Key words: managerial reputation , political connection , propensity score matching , source , operating performance