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首页> 外文期刊>International Journal of Business and Management >Political Connections, Financial Crisis and Firm’s Value: Evidence from Chinese Listed Firms
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Political Connections, Financial Crisis and Firm’s Value: Evidence from Chinese Listed Firms

机译：政治联系，金融危机和企业价值：来自中国上市公司的证据

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摘要

Political connection is a popular topic in the financial academia. We are interested in the relationship between political connections and firm’s value in Chinese listed companies and we attempt to find the possible approaches that would impact political connected firm’s value. Furthermore, we would investigate the impact that changes before and after the financial crisis, since Chinese government carried out the 4 trillion bailout plan in 2008. The results exhibit that political connections have both positive and negative impacts on Chinese listed firms. The investigated possible approaches shows that net asset per share of political connected firms have positive impact on firm’s value; however, the growths of political connected firms have insignificant impact on firm’s value. Prior to financial crisis, political connections have insignificant impacts on firm’s value; after the crisis, political connections have significant positive impacts on firm’s value.
机译：政治联系是金融学术界的热门话题。我们对中国上市公司的政治联系与公司价值之间的关系感兴趣，我们试图找到可能影响政治联系的公司价值的方法。此外，我们将调查自2008年中国政府实施4万亿救市计划以来，金融危机前后变化的影响。结果表明，政治联系对中国上市公司既有正面影响，也有负面影响。研究的可能方法表明，政治关联公司的每股净资产对公司价值产生积极影响;但是，与政治相关的公司的成长对公司的价值影响不大。在金融危机之前，政治联系对公司的价值影响不大。危机过后，政治联系对公司的价值产生了重大的积极影响。

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