| After entering the 21 st century,China's economy developed rapidly and became the second largest economy in the world.In the process,private enterprises have become more and more important to the market economy and have become an important driving force for the steady growth of China's market economy.However,compared with state-owned enterprises,there are still many obstacles and difficulties in the development of private enterprises.At present,China is in a special period of economic transformation.The relevant systems such as the market resource allocation mechanism are not sound and perfect,which in turn leads to private enterprises facing some problems such as financing difficulties,control barriers,and even policy discrimination.For this reason,private enterprises actively seek alternative mechanisms that are outside the formal system for their own development,and then form an alternative mechanism thatFor this reason,private enterprises actively seek alternative mechanisms that are outside the formal system to pursue their own development,and then form an alternative mechanism that private enterprises actively assume social responsibility,and then establish political connections,and ultimately enhance corporate value.Therefore,it is a strategic way for private enterprises to fulfill their social responsibilities and seek political connections as a way to enhance their value.This paper proposes a new logical mechanism for the relationship among the three.Firstly,the paper gives definitions of corporate social responsibility,political connections,and corporate value.It also sorts out and summarizes the research literature on the relationship between the three in recent years;subsequently,it further elaborates the related theories of private enterprises on this issue;Based on theoretical basis and mechanism analysis,the author puts forward related assumptions,design models and use the data of 2011-2016 A-listed private enterprises to conduct empirical tests,and finally concludes that private enterprises fulfill their social responsibilities and help them establish political connections;political connections can effectively improve the value of private enterprises;social responsibility plays a catalytic role in the process of political associations affecting the value of the company,and it has the positive effect of increasing political association on the value of the company.The research conclusions of this paper have important implications for the research of optimizing resource allocation mechanism.At the same time,it provides a new exploration path for private enterprises to enhance enterprise value,and also provides a new perspective and theoretical basis for the government to formulate policies and systems in the context of economic transformation. |
