政治關聯與公司財務績效

Political Connection and Corporate Financial Performance

張元(Yuan Chang)；王思涵(Ssu-Han Wang)

政治關聯 ； 財務績效 ； Political connection ； Financial performance

會計與公司治理

15卷1期（2020 / 06 / 01）

61 - 111

繁體中文

本文根據2004～2012年間臺灣證券交易所761家上市非金融產業公司的資料，檢驗公司的政治關聯（political connection）程度是否影響公司的財務績效。企業與政黨、政府或政治人物的互動是金融市場上常見的現象，已經有許多研究討論了公司政治關聯所產生的利益及成本，而本研究與既有研究最大不同處在於過往的研究大多利用公司董、監事與高管的政治涉入程度以及公司贈予政黨的政治獻金多寡等方式來量化公司的政治關聯程度，本研究則是利用立法院的新聞知識管理系統，在台灣地區所有的報紙新聞中，以關鍵字搜尋上市公司名稱／董事長人名與政黨名稱／總統（黨主席）人名交集出現之新聞，進行篩選出其中的政治關聯新聞，並以此政治關聯新聞之筆數多寡來量化公司的政治關聯程度。透過多重回歸估計，本研究發現在所有樣本下，政治關聯程度愈高，公司的財務績效表現愈佳，而較佳的財務績效表現主要是由公司董事長的政治聯結來解釋；不論與國民黨還是與民進黨的政治聯結皆有助於提升公司績效，而與民進黨政治聯結所產生正向績效增進效果主要是由董事長與民進黨的連結來解釋；在民進黨執政時期，與國民黨政治關聯將降低公司績效，與民進黨較高的政治關聯便對應著較佳的公司績效；在國民黨執政時期，不論與國民黨或是民進黨之政治關聯程度愈高，財務績效皆愈佳；最後，考慮將解釋變數落後一期以降低同期相關謬誤以及以兩階段估計（two-stage estimation）以矯正公司攀附政治關係的樣本內生性自我選擇偏誤（self-selection bias），實證結果並未出現明顯改變。整體來說，公司管理階層應該重視公司在政治上的連結，特別是與執政黨的連結，而投資人更應關注那些當今政治關係良好的企業，因為良好的政治關係對應著較佳的公司績效。

Based on data of 761 listed non-financial firms on the Taiwan Stock Exchange (TWSE) coving the period of 2004~2012, this research examines the linkage between firm's degree of political connection and corporate financial performance. This research differentiates from existing studies by constructing novel measures of political connection based on News and Knowledge Management System of Legislative Yuan such that greater frequency of news involving intersection of firm's name versus board chair's name and political party's name versus party chair's name represents higher degree of political connection. Multivariate regression estimation result shows that, first, higher degree of overall political connection corresponds to superior financial performance in terms of higher returns on assets. Second, during the period of KMT as ruling party, firm connecting with both parties (KMT and DPP) improves financial performance, and during the period of DPP as ruling party, firm's connecting with KMT deteriorates financial performance but connecting with DPP improves performance. Finally, employing lagged predictors to address contemporaneous correlation, controlling self-selection of firm's demand for political connection by two-stage estimation generate similar outcome. The implication of this study is that by allocating resource on maintaining connection between firm and politics generates positive feedback, especially on ruling party. Investors may pay attention to securities of firms with deep involvement in politics.

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