Economic Theory and Business Management
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ZHANG Yu-xiao
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张雨潇
Abstract: Using 1998—2007 Chinese Manufacturing Enterprises Database and provinciallevel corruption data and building a simple model, this paper proves that state ownership will help private firms circumvent governments violation in a corruptive institutional environment and an incomplete contractual environmentTherefore private firms are more likely to nationalize when government is more corruptiveMoreover, private firms with higher profitability are more exposed to the violation of corruptionWe find that both broadsense nationalization and narrowsense nationalization are significantly correlated with corruption rate and firms return on assetsMoreover, firms with higher return on assets are more likely to nationalize because of corruptionTherefore, nationalization is the response that private firms use to deal with governments violation, which will help us understand the operating environment of private firms and governmentfirm relationship in transition countries.
Key words: private firms , corruption , nationalization , governmentfirm relationship
摘要: 本文使用1998—2007年中国工业企业数据库与省级腐败数据,通过一个简单的模型,证明了在腐败的制度环境下,国有股权可以帮助民营企业避免政府侵害,因此腐败越严重、民营企业越倾向于国有化;并且,盈利能力强的企业更容易受到腐败的侵害。本文发现无论是狭义国有化还是广义国有化都与企业所在地区的腐败率以及企业资产回报率显著正相关;此外,资产回报率越高的企业因腐败而国有化的概率越高。因此,“国有化”可能是中国民营企业面对政府侵害的应对措施。这对我们理解转型国家中民营企业的生存环境与政企关系具有重要意义。
关键词: 民营企业 , 腐败 , 国有化 , 政企关系
ZHANG Yu-xiao. THE IMPACT OF REGIONAL CORRUPTION ON THE NATIONALIZATION OF PRIVATE FIRMS IN CHINA[J]. Economic Theory and Business Management.
张雨潇. 中国地区腐败对民营企业国有化的影响[J]. 经济理论与经济管理.
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URL: http://jjll.ruc.edu.cn/EN/
http://jjll.ruc.edu.cn/EN/Y2016/V36/I11/67