商业研究

Previous Articles     Next Articles

Companies Political Connections, Related Party Transactions and Enterprise Value ——An Analysis based on Mediating Effect and Moderating Effect

ZHANG Ling, LI Hui-lan   

  1. School of Business Administration, Hunan University, Changsha 410079, China
  • Received:2016-10-12 Online:2017-03-03

Abstract: Based on the data of A-share listed company board, this paper analyzes the relationship among political connections, related party transactions and firm value from the perspective of the impact of political connections on enterprise behavior decision-making. Research showed that political connections and related party transactions have a significant negative effect on firm value, while political connections help to curb related party transactions, and the higher level of political connections, the more obvious this inhibition is; related party transaction adjusted the relationship between political connections and firm value, that is the larger the related party transactions scale, the stronger the negative effect; political connections have different impacts on firm value and related party transactions of stated-owned enterprises and private enterprises.

Key words: political connections, related party transactions, firm value, stated-owned enterprises, private enterprises