政治關聯與財務困境恢復－基於ST上市公司「摘帽」的實證研究

Using the samples of non-financial ST companies in Shanghai and Shenzhen Stock Exchanges between 1998 and 2009, we empirically study the influence of the political connections of ST firms on their ability to get rid of distress and the subsequent performance after falling into the financial distress. We have found that: from the total sample, political connections of ST firms can not significantly help themselves get rid of distress; however, from the sub-sample, when private firms fall into financial distress, their political connections can significantly help themselves get rid of distress, but the effects are insignificant for state-owned enterprises. At the same time, although the political connections can significantly boost firm's performance in a short time, their effects in enhancing the firms' performance in the long run are insignificant.