論政治關係對企業與資本市場之影響

本文旨在探討政治關係對企業以及資本市場之影響。到目前為止，學界對於政治關係對於企業之影響尚未有統一之看法；例如，Faccio et al.(2006)的研究認為，企業具政治關係是好的，企業能夠藉由政治關係有所發展，促使國家發展；另外，具政治關係之企業也能夠享有優惠貸款(Johnson and Mitton, 2003; Chiu and Joh, 2004; Dinc, 2004; Cull and Xu, 2005; Khwaja and Mian, 2005; Carretta et al., 2011; Do, Lee et al., 2013)、政府合約(Goldman et al., 2009)、受到特殊法令的保護(Kroszner and Stratmann, 1998)、較低程度的監管、稅率優惠以及較強的市場競爭力(Faccio, 2009; Wahab and Rahman, 2009)等。而Berkman et al.(2010)則認為，企業政治關係越強，經營效率則會越差。企業若具政治關係可能會危害其公司治理制度之健全(Fan et al., 2007；Berkman, Cole and Fu, 2010)、降低企業核心競爭力(Fan et al., 2007)以及使企業工資過高及過度招聘員工(Shleifer and Vishny, 1994)等。Chen, Luo and Zhang (2012)則以倒U形來表示政治關係的強度與公司價值之間的關係，其指出，過多的政治關係有可能會傷害企業本身。整體而言，這些文獻尚無明確統一之定論的原因有二：第一、多數研究之衡量較為主觀，目前對政治關係之研究多著重於分析政治關係較與單一面向的主題，因此客觀性較為不足，不易衡量政治關係對企業整體之狀況；第二、國內外對於政治關係的相關研究中，僅判斷是否具政治關係，而缺乏衡量政治關係強度之資料或是衡量政治關係強度的標準並不一致，使得許多研究結論往往有一定的侷限性。目前文獻中，也尚未有深入研究企業之政治關係對資本市場或對資訊不對稱的影響進行相關的實證研究，故此議題將成為政治關係未來新的研究方向。

關鍵字

資訊不對稱；資本市場；政治關係

並列摘要

This research intends to implement a literature review about the impact of corporate political connection on the firms’ performance and the overall capital markets. The main purpose is to develop few new research directions to improve our understanding about corporate political connection. Based on our review, the results about the impact of corporate political connection on the firms’ performance are mixed. Faccio et. al. (2006) argue that corporate political connection is beneficial for firms and also help the national economic development. Other studies also found that firms with political connection can have advantage in obtaining lower-rate loan (Johnson and Mitton, 2003; Chiu and Joh, 2004; Dinc, 2004; Cull and Xu, 2005; Khwaja and Mian, 2005; Carretta et al., 2011;Do, Lee et al., 2013), have better access to government contracts (Goldman et al., 2009), receive better legal treatment and protection (Kroszner and Stratmann, 1998), and have more market competiveness or are subject to less law enforcement (Faccio, 2009; Wahab and Rahman, 2009). However, a recent study by Berkman et al.(2010) found that the stronger the corporate political connection, the worse performance firms have. Some other recent studies also indicated that corporate political connection may jeopardize a firm’s corporate governace (Fan, Wong and Zhang, 2007；Berkman, Cole and Fu, 2010), reduce corporate core competitiveness (Fan et al., 2007), and result in over-employment and paying too much for their employees. Chen, Luo and Zhang (2012) also found a U-shape relationship between firms’ performance and strength of corporate political connection, using a proprietary data from China. The mixing results above may due to the fact that the simplicity of the measurement methods for corporate political connection. Most believes this is a one-dimensional measurement. However, political connection can come from different channels and their impacts should be treated differently. Future studies should look in the different aspects of measuring political connection in order to have a better analysis about its impact on firms’ performance. Our review also reveals the lack of relevant research about the impact of political relationship on the capital market, which shall be another meaningful direction to look into.

並列關鍵字

Information Asymmetry ； Capital Market ； Political Connection

參考文獻

張琬喻、張凱雯，2011：《董事政治關聯及政治獻金影響企業價值嗎？》，《選舉研究》第1期。

Adhikari, A., Derashid, C., Zhang, H., 2006. Public policy, political connection, and effective tax rates: Longitudinal evidence from Malaysia. Journal of Accounting and Public Policy 25, 574－595.

Agrawal, A., Knoeber, C. R., 2001. Do some outside directors play a political role? Journal of Law and Economics 44, 98－179.

Baesel, J. B., Stein, G. R., 1979. The value of information: Inferences from the profitability of insider trading. The Journal of Financial and Quantitative.

Bartels, L. M., Brady, H. E., 2003. Economic behavior in political context. American Economic Review 93, 156－161.

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論政治關係對企業與資本市場之影響

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