Red Capitalists: Political Connections and Firm Performance in China
利用独特的企业层面数据，分析了政治关联对中国私营初创企业进入后绩效的影响，发现政治关联提高企业生存和增长，但中性企业生产率提升更快，且政治关联的好处主要集中在与地方或中央政府关联的企业及资本密集型行业。
Using a unique firm level data, this paper analyses the role of political connections in the post-entry performance of private start-up companies in China. It documents robust evidence that political affiliation enhances firms' survival and growth prospects. But interestingly politically neutral start-ups enjoy faster productivity improvements conditional on survival. In addition, the benefits of political connections are largely confined to firms associated with local or top level governments, and they are more pronounced in capital-intensive industries. We conclude that the close association between the state and a segment of the business community is leading to sub-optimal resource allocation in the economy by interfering with the process of market selection.