| Political connections among enterprises are prevalent in various industries.The natural political properties of the media make the media industry different from other industries in the general economic field.For the media industry,the government’s participation and intervention are more severe.Therefore,the relationship between media and politics has attracted considerable attention.Political connections,as an important perspective to examine the relationship between enterprises and politics,are quite helpful for us to understand the political impact on the media industry.So,how about the political connections of senior executives in the media listed companies,whether the political connections of senior executives will have an impact on corporate performance,and whether the different types of executive political connections have the same impact,these problems become the core issues of this paper.Therefore,this study takes the political connections of senior executives of Chinese media listed companies as the independent variables,and the enterprise profit indicators as the dependent variables to measure the performance of the enterprises.The internal relations between the executive political connections of Chinese media listed companies and their performance are explored by empirical research.In this paper,145 balanced panel data of media listed companies,which are normally operated in the five fiscal years from 2012 to 2016,were selected as the research units,and the relevant data were collected,processed and explained by multiple linear regression models.It was found that most of the Chinese media listed companies have political connections.Although the political connections of Chinese media listed companies had limited influence on corporate performance,the political connections of state-owned media listed companies have significant positive effects on corporate performance.This paper argued that this is due to the complexity of the intrinsic relationship between them.On the one hand,it may make a certain deviation if it does not distinguish between political connections in China’s special market environment.The political connections of key senior executives divided into government officials type and committee members type can better reflect the executive practice of the current entrepreneurs in China to participate in government affairs or to employ former officials as senior executives:In the background of increasing marketization,the committee members political connections make it possible for enterprises to strive for maximum benefits through formal participation in political affairs and coordinated supervision.On the contrary,the government officials political connections because of today’s government transparency environment,are no longer significant for avoiding risks and get the convenience of preferential treatment.On the other hand,different types of executive political connections have different effects,due to the different congenital factors of state-owned media listed companies and non-state-owned media listed companies.State-owned media listed companies have inherent political dependence,in the case of declined government officials political connections,the committee members political connections restore confidence in the performance of state-owned media listed companies.For the non-state-owned media listed companies grown up in the market in recent years,the impact of political connections on their performance is not significant.In view of the current situation of China’s media listed companies’ the author believes that the following aspects should be reformed:First,improve the market mechanism and establish a fair competition system.Second,to encourage political participation,open information exchange channels between government and media enterprises.Third,give policy support to non-state-owned media companies to promote the balanced development of non-public economy and public economy. |
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