| Political connection exists in the process of economic development,and it is a hot topic in the current academic research.There are two channels to establish political connections:formal and informal.The government intervenes in the affiliated enterprises through "the hand of support" and "the hand of plunder".At present,China is undergoing economic transformation,the market is not transparent,the system is not perfect,the supervision is not standardized and other problems still exist,the government has great autonomy in the allocation of resources.Unreasonable resource allocation has become a shackle,which seriously damages the soil for the survival and development of enterprises,and ultimately affects the performance of enterprises.Since the 18 th National People’s Congress,the central government has been persisting in "fighting tigers" and "swatting flies",constantly improving the legal system,and taking firm steps on the road of anti-corruption.With the continuous promotion of the anti-corruption campaign,it has become an important task for China’s healthy economic development to ensure the stable development of family businesses in the new normal of anti-corruption.Based on the above considerations,this paper first analyzes the literature and data on corporate performance,political connections and anti-corruption at home and abroad,and comments on the status quo and shortcomings of relevant research;Secondly,it defines the connotation of corporate performance and political connection,and then forms the theoretical basis of this paper with the help of life cycle theory,social capital theory,resource dependence theory,principal-agent theory,high-level gradient theory and rent-seeking theory,and makes theoretical assumptions accordingly;Then,based on China’s anti-corruption environment,this paper explores the role of anti-corruption and political connection from four aspects: social and political environment,enterprise’s life cycle stage,enterprise’s region and the availability of other social relations,and tests the impact of political connection on enterprise performance in the context of anti-corruption;Finally,empirical conclusions and suggestions are obtained.This paper empirically studies the relationship between anti-corruption,political connections and corporate performance based on A-share listed family enterprises from 2008 to 2016.(1)The political connection of family business has a positive effect on business performance;(2)Anti corruption has a negative effect on the performance of family enterprises with political connections;(3)Government officials tend to tilt resources to family enterprises in mature and declining periods,and political connections have a positive effect on the performance of such enterprises;Government officials have less preference for the resources of family enterprises in the growth period,and political connections have no significant impact on the performance of such enterprises;(4)In the areas with high marketization,the political connection of family enterprises has a significant role in promoting the performance of enterprises,and anti-corruption and low-corruption weaken the influence of political association;In the areas with low marketization,the political connection has no significant impact on the performance of enterprises,and the effect of anti-corruption and anti-corruption is also not obvious;(5)Family business academic background can promote business performance,while anti-corruption will weaken the role of academic background;The influence of overseas background on enterprise performance is not significant,and the effect of anti-corruption on enterprise performance is also not significant.In view of some basic problems in the process of anti-corruption,this paper puts forward the following suggestions:(1)Streamlining administration and delegating power,changing government functions;(2)Pay attention to the accumulation of social relations and strengthen internal construction;(3)To ensure the transparency of information and establish a new type of political business relationship;(4)We should improve the performance evaluation standards and balance government power. |
