本文主要探討反貪污條款、所有權結構、政治連結與資訊不對稱對公司績效的影響，並以中國大陸2008年至2018年上海與深圳上市公司為樣本進行實證分析。本文研究發現政治連結對績效的負向影響。其次，本文加入反貪污條款的探討，發現反貪污條款後，資訊不對稱高的樣本群，績效轉為正，顯示反貪污條款有利於公司將獲取的政治資源轉化為正向績效。最後本文探討不同所有權結構的影響，發現國有企業與家族企業，對反貪污條款之反應較強烈。顯示不同所有權在反貪污條款後，面對政治連結所帶來的資訊不對稱，有不同的反應。本文研究結果在新興市場的公司治理與管理實務上做出貢獻，亦即當管理者因市場之不完美鑲嵌政治關係連結的利益時，需考量政治連結所帶來的潛在成本與利益，並加以權衡。
This article mainly discusses the impact of anti-corruption campaigns, ownership structure, political connections and information asymmetry on firm performance, and empirical analysis using Shanghai and Shenzhen listed companies in mainland China from 2008 to 2018. This study finds that there is negative relation between political connections and firm performance. Further, this article adds the discussion of anti-corruption clauses. After discovering the anti-corruption clauses, the sample group with high information asymmetry has positive performance, which shows that the anti-corruption clauses are beneficial for companies to convert the acquired political resources into positive performance. Finally, this article explores the impact of different ownership structures on these issues. We find that the state-owned ownership and family companies, after the anti-corruption clause, the higher information asymmetry, the higher performance.
