党组织嵌入与民营上市公司的治理决策：需求、渠道与后果

The embeddedness of party organization of the Communist Party of China into corporate governance is an institutional arrangement that cannot be ignored in the modern corporate system with Chinese characteristics. Though the impact of party organization on corporate behavior is being an interesting topic, the related research is not enough and only focuses on the perspective of state-owned enterprise. Under the background of Chinese political and economic environment, this project studies the embeddedness of party organization and private listed firm’s governance effect. We measure the embeddedness of party organization using both direct embeddedness variables and network embeddedness variables, then investigate the governance demand of private listed firm for the embeddedness of party organization, the governance channel of the embeddedness of party organization and its economic consequence. Specifically, we firstly examine the governance demand of private listed firm for the embeddedness of party organization from three perspectives, including decision-makers, the evolution of property right and agency problem. Secondly we explore the governance channel of the embeddedness of party organization through the six main corporate decisions, i.e. compensation, employee, donation, tax, investment, and financing decisions. Finally we examine whether the governance effect caused by the embeddedness of party organization is associated with corporate performance. In addition, we pay more attention to the interaction effect of the background of the decision-makers, the evolution of property right and the political sensitive periods. Our empirical results not only contribute to the growing “party organization and corporate behavior” literature, but also have implications to Chinese listed firms and the Communist Party of China.

党组织嵌入公司治理之中是中国特色现代企业制度中不可忽视的制度安排，党组织对公司行为的影响逐渐受到关注，但相关研究尚未深入，且集中于研究党组织在国有企业中的治理效应。本课题结合中国特色的政治和经济制度的背景，从微观直接和宏观网络嵌入两个角度全面衡量党组织嵌入，并从制度化嵌入与治理决策的视角出发，系统地研究民营上市公司对党组织嵌入的治理需求、党组织嵌入的治理渠道及治理后果。具体地，首先将从决策者、产权演变和代理问题三个层面研究公司对党组织嵌入的治理需求；其次从薪酬、雇员、捐赠、纳税、投资和融资等六类公司决策来检验党组织嵌入的治理渠道；最后检验党组织嵌入的治理效应是否影响公司绩效。在研究中我们还将着重关注决策者背景、产权演变和政治敏感期的交互影响。研究结果不仅为公司治理领域刚刚兴起的“党组织和公司行为”研究提供进一步的经验证据，对上市公司治理结构改革和实现党的“四个全面”的战略布局有一定的启示。

本项目立足于中国特殊的公司治理制度及上市公司的实际情况，选取“党组织制度嵌入与公司治理决策”的维度，重点研究了党组织嵌入民营企业对公司治理决策的影响；并深入分析了党组织影响公司治理决策等具体机制和截面差异。具体来看，本项目主要发现了党组织嵌入民营企业后，其嵌入程度越高（表现为党组织活动越活跃，越可能受到上级党组织的表彰），对公司治理决策（社会责任决策、会计质量决策、审计师决策等等）都具有显著的影响；党组织在民营企业中发挥作用的可能机制包括通过吸引高管参与党组织活动甚或担任党委书记。本项目按照计划完成了相关研究内容并达成了预期的研究目标。项目组在课题的资助下，累计在国内外一流期刊发表论文15篇（此外，还有6篇已录用）。其中，在国际期刊发表论文3篇；在中文期刊发表论文12篇。本项目的研究丰富和发展了丰富和发展了公司治理领域关于“党组织和公司行为”的研究，也对上市公司治理结构改革、构建完善中国特色的公司治理制度和实现党的“四个全面”的战略布局具有实践启示。