关键词: 民营企业 , 腐败 , 国有化 , 政企关系

Abstract: Using 1998—2007 Chinese Manufacturing Enterprises Database and provinciallevel corruption data and building a simple model, this paper proves that state ownership will help private firms circumvent governments violation in a corruptive institutional environment and an incomplete contractual environmentTherefore private firms are more likely to nationalize when government is more corruptiveMoreover, private firms with higher profitability are more exposed to the violation of corruptionWe find that both broadsense nationalization and narrowsense nationalization are significantly correlated with corruption rate and firms return on assetsMoreover, firms with higher return on assets are more likely to nationalize because of corruptionTherefore, nationalization is the response that private firms use to deal with governments violation, which will help us understand the operating environment of private firms and governmentfirm relationship in transition countries.

Key words: private firms , corruption , nationalization , governmentfirm relationship