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1 (294 ) China Industrial Economics Sep No ( ) [ ] [ ] ; ; [ ]F276.5 [ ]A [ ] X(2012) ( 2005) ( 2011; 2012) () ( 1998) (2005) : (BianLogan1996) ( 1998) (Zhou Xueguang2000) 122 [ ] [ ] : ( ); ( S ) [ ] (1983 ) ; (1967 ) ; (1980 )

2 ( 2012) ( 2007) ( 2011) 2010 (2009) BlanchardShleifer(2000) ( 2005) : : ( 2006) (2005) Rona-Tas(1994) (1995) : : 123

3 20 60 (Szelenyi1982) Nee(1989)Szelenyi (Market Transition Theory) 1984 ( 2007) Szelenyi(1982) Nee(1989) Rona-Tas(1994) Rona-Tas(1994) ; (1998) 1992 (Rona-Tas1994; 1997) Rona-Tas(1994) Bian and Logan(1996) ( 2008) ( 2003) Nee(1989) : : 1. ()

4 (Kazanjian et al.1990) (1) (Barrier) (2003) (2004) (2011) 2009 (2) (Ability) (Edu) ( 2006) ( 2006) (Pcapital) Bertrand et al.(2007) CEO 1 / 0 / ( ) ( ) ( )( ) PC 11 PC 10 PC 01 PC 00 PC 11 PC 10 PC 01 PC 00 1 / 0 / ( ) ( ) ( )( ) PE 11 PE 10 PE 01 PE 00 PE 11 PE 10 PE 01 PE 00 ( 1 ) 125

5 1 (Ability) (Edu) (1) (0) (1) (0) (1) PC 11 (11) PC 10 (10) PE 11 (11) PE 10 (10) (Pcapital) (0) PC 01 (01) PC 00 (00) PE 01 (01) PE 00 (00) (3) (Market) (2011) (2011) (2007) (2012) (2012) (4) ( 2009) (Shareholder) (lnsize) (Firmage) (Highrate) (Sexual) (Age) (1) (5) X i (1) (2) (4) (1) PC 11 PC 10 PC 01 PC 00 PC 11 PC 10 PC 01 ; (1) PE 11 PE 10 PE 01 PE 00 PE 11 PE 10 PE 01 (3) (5) (2) PC 11 PC 10 PC 01 Market PC 00 PC 11 PC 10 PC 01 Market ; (4) PE 11 PE 10 PE 01 Market PE 00 PE 11 PE 10 PE 01 Market M 1 M 5 (1) (5) 126

6 Barrier Ability Edu Pcapital Sexual Age Shareholder Firmage lnsize Highrate Market ? (1= 2= 3= 4= 5= 6= 100 ( + 7= 8= 9= 10= 11= ) 12= 13= 14= 15= 16= 17= 18= 19= );2 : (2010) 1? (1= 2= 3= 4= 5= 6= ); ? (1= 2= 3= 4= 5= );3? (1= 2= 1 4? (1= 2= 3= 4= 5= 6= ) (1= ;2= ;3= ;4= ; = ;6= ) ? (1= 2= 3= 4= 1 0 5= 6= ) (1= 2=) (%)?? ? ln( ) (2010) 1 : (2011);2 ( 10) : (2012) Barrier=α i=1 α ix i +α 7 Market (1) Barrier=β i=1 β i X i +β 7 Market+β 8 PC 11 +β 9 PC 10 +β 10 PC 01 (2) Barrier=δ δ i=1 ix i +δ 7 Market+δ 8 PC 11 +δ 9 PC 10 +δ 10 PC 01 +δ 11 PC 11 Market +δ 12 PC 10 Market+δ 13 PC 01 Market (3) Barrier=γ i=1 γ ix i +γ 7 Market+γ 8 PE 11 +γ 9 PE 10 +γ 10 PE 01 (4) Barrier=θ θ i=1 ix i +θ 7 Market+θ 8 PE 11 +θ 9 PE 10 +θ 10 PE 01 +θ 11 PE 11 Market +θ 12 PE 10 Market+θ 13 PE 01 Market (5) % 94.04% 127

7 64.06% : 3 :% : (2010) 4 (2011) : ; 18 (2011) % 64.06% PC PC % 73% 14.6% 1 (1998) PE PE ( 2009) % 14.6%

8 Barrier PC PC PC PE PE PE Market Sexual Age Shareholder Firmage lnsize Highrate Barrier OLS M 0 M 1 M 0 Market Market M 2 PC PC PC PC 00 PC % PC %PC % PC 00 PC

9 6 OLS Barrier M 0 M 1 M 2 M 3 M 3 * M 4 M 5 C *** *** *** *** *** *** *** (5.629) (6.037) (5.990) (5.977) (5.977) (6.222) (6.224) Sexual (1.914) (1.915) (1.900) (1.895) (1.895) (1.901) (1.899) Age * * ** ** ** (0.080) (0.080) (0.080) (0.080) (0.080) (0.081) (0.081) Shareholder (0.022) (0.022) (0.022) (0.022) (0.022) (0.022) (0.022) Firmage (0.189) (0.190) (0.189) (0.189) (0.189) (0.188) (0.188) lnsize (0.464) (0.464) (0.478) (0.478) (0.478) (0.474) (0.474) Highrate *** 22.35*** *** *** *** *** *** (6.128) (8.652) (8.585) (8.580) (8.580) (8.633) (8.710) Market ** ** (4.040) (4.031) (6.146) (6.146) (4.035) (5.197) PC *** *** *** (2.242) (2.259) (2.259) PC *** *** *** (3.231) (3.227) (3.227) PC *** 5.826*** 5.826*** (1.444) (1.448) (1.448) PC 11 Market *** ** (9.776) (9.776) PC 10 Market (15.513) (15.513) PC 01 Market ** (6.598) PC 11 Market+PC 01 Market *** (6.598) PE *** *** (2.054) (2.067) PE (4.556) (4.556) PE *** 4.676*** (1.431) (1.431) PE 11 Market ** (8.976) PE 10 Market (20.116) PE 01 Market (6.277) R ΔR *** *** 0.008*** 0.017*** F-value 4.507*** 4.008*** 6.245*** 5.825*** 5.825*** 5.693*** 4.817*** ΔF-value 4.507*** *** 4.408*** 9.477*** :* 0.1 ( ) ;** 0.05 ( ) ;*** 0.01 ( ) M * 3 M 3 ΔR 2 ΔF-value M 4 ΔR 2 ΔF-value M 0 N=

10 PC 10 PC 01 M 3 PC 11 Market PC 10 Market PC 01 Market PC 00 1 PC %PC % PC 10 PC 11 PC 01 PC 10 PC 11 Market PC 01 Market (2010) PC 11 Market PC 01 Market PC 11 Market+PC 01 Market M 3 PC 01 Market ( M 3 *) M 3 * PC 11 Market M 3 PC 11 Market PC 01 Market M 3 * PC 11 Market t PC 11 Market PC 01 Market PC 11 PC 01 M 4 PE ;PE ;PE PE 00 PE %PE % PE 00 PE 11 PE 01 PE 10 PC 00 M 5 PE 11 Market PE 10 Market PE 01 Market PE 00 Market 1 PE % PE 11 PE 01 PE 10 PE 00 1 PC 00 PC 11 PC 10 PC 01 PE 00 PE 11 PE 10 PE 01 PC 00 PC 11 PC 01 PC 11 PC 01 PC 10 0 PC 00 PC 10 PE 00 PE 11 PE 10 PE 01 0 PE 00 PE 10 PE (64.06%) 64.06% 64.06% Logistic M 3 PC 01 Market PC 00 PE

11 PC 11 PC 01 PE 11 PE 01 PC 10 PE 10 I II III 1 :I 0II III II III PC 00 PE 00 M 3 Market 0.05 II PC 00 M 5 Market III PE 00 : : (1)

12 1 : (2) : : ; ; ; 1 Bian Y. and J.R. Logan. Market Transition and the Persistence of Power[J]. American Sociology Review (5). 2 Zhou Xueguang. Economic Transformation and Income Inequality in Urban China: Evidence from Panel Data[J]. American Sociology Review (1). 3 Blanchard Shleifer. Federalism with and without Political Centralization: China versus Russia [R]. Working Paper NBER A. Rona-Tas. The First Shall Be Last: Entrepreneurship and Communist Cadres in the Transition from Socialism [J]. American Journal of Sociology1994(7). 5 Szelenyi Ivan. The Intelligentsia in the Class Structure of State Socialist Societies [J]. American Journal of Sociology1982(9). 6 Nee V. A Theory of Market Transition: From Redistribution to Markets in State Socialism [J]. American Sociological Review198954(5). 7 Victor Nee Yang Cao. Postsocialist Inequalities: The Causes of Continuity and Discontinuity [J]. The Future of Market Transition2002(19). 8 Kazanjian R. K. and Drazin R. A Stage-Contingent Model of Design and Growth for Technology Based New Ventures[J]. Journal of Business Venturing1990(5). 9 Bertrand M Kramaraz F Schoar A. and Thesmar D. Politicians Firms and the Political Business Cycle: Evidence from France[R]. Working Paper University of Chicago [J]. 2005(4)

13 11. [J]. 2011(1). 12. [J] (3). 13. [M]. : [J]. 2009(5). 15. [J]. 1998(6). 16. [J]. 2007(12). 17. [M]. : [M]. : [J]. 1995(6). 20. [J]. 2007(4). 21. [J]. 1998(3). 22. [J]. 1997(2). 23. : [J]. 2008(3). 24. [M]. : [J]. 2003(1). 26. [J] (4). 27. [J]. ( )2011(1). 28. [J]. 2006(5). 29. [M]. : [J]. 2012(1). 31. [J]. 2004(5). Political Capital Human Capital and Administrative Monopoly Industries Entry An Empirical Study Based on China s Private Enterprises XIE Lin 1 LI Kong-yue 2 ZHOU Ying-hui 3 (School of Business Sun Yat-sen University Guangzhou China) Abstract: The existing instance on market transition is difficult to distinguish between the redistribution of power and stronger competence of individuals within the system which determines the individual acquired status. This research holds this point: The entrepreneurs work experiences in former redistribution department mean that the company was created with political capital when it was initially established; meanwhile those who gain political arrangements after starting the company primarily demonstrate their ability to get more recognition. Instances of the research show that compared with entrepreneurs who cannot use political capital easily and have limited human capital the marketization does not diminish the role of political capital but instead increases the individuals income brought by their human capital at the same time. However if the human capital and the political capital are combined with this kind of income will be even more this may lead to the generation of crony capitalism. Key Words: political capital; human capital; administrative monopoly industries 责任编辑: 高粮 134

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