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The relationship between political resources and diversification of private enterprises: An empirical study of the top 500 private enterprises in China


This paper argues that the political resources owned by Chinese private enterprises affect their diversification strategy under the context of China’s transitional economy. Based on the sample of top 500 private enterprises in 2004 in China, we find the following empirical evidence: First, political resources owned by private enterprises are positively and significantly related to their degree of diversification. Second, the possibility for private enterprises to diversify their business by entering industries under government regulation is positively related to their political resources. Third, the possibility of related diversification for private enterprise is negatively related to its political resources.


在中国经济转轨背景下, 民营企业拥有的政治资源通过影响民营企业的多元化策略而影响民营企业的成长。 以全国工商联颁布的民营企业 500 强 (2004) 为样本, 在控制其他影响因素的情况下, 发现了支持以上论断的经验证据: 第一, 民营企业拥有的政治资源与民营企业的多元化程度之间存在显著正相关关系; 第二, 民营企业进入政府规制行业进行多元化的可能性与民营企业拥有的政治资源正相关; 第三, 民营企业进行相关多元化的可能性与民营企业拥有的政治资源负相关。


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Correspondence to Xuyang Hu.

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Translated and revised from Zhongguo Gongye Jingji 中国工业经济 (China Industrial Economy ), 2008, (4): 5–14

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Hu, X., Shi, J. The relationship between political resources and diversification of private enterprises: An empirical study of the top 500 private enterprises in China. Front. Bus. Res. China 3, 207–223 (2009).

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  • private enterprise
  • political resources
  • diversification
  • government regulation


  • 民营企业
  • 政治资源
  • 多元化投资
  • 政府管制