企业集团特征与成员企业价值

Business Groups and the Value of Affiliated Companies

作为外部市场机制的一种替代形式,企业集团在发展中国家广泛存在。一方面,企业集团通过建立内部市场降低成员企业(Group-affiliated Com- panies)之间的交易成本,能够提高企业的价值;另一方面,企业集团内部控股股东与其他股东之间的代理问题相对于独立经营的公司更加严重,对其成员企业价值存在负面影响。本文以我国A股上市公司中的集团成员企业为样本,采用实证的方法研究了集团化经营方式对其成员企业价值的影响。结果表明:集团成员企业的经营效率和市场价值总体上均显著优于其所在行业的中值;同时,集团内上市公司数量的增多、集团层面的多元化经营都会显著提高成员企业的市场价值;但是,政府作为集团最终控股人或者控股股东持股比例过高时,集团产生的代理问题对成员公司价值存在显著的负面影响。

Group structures have long been prevalent： in developing economies as they can substitute for underdeveloped markets. Business groups in these markets have both benefits and costs which affect market value of member companies. We analyze the performance of group-affiliated companies in Chinese A-share stock market. Our results show that the operating efficiency and market performance of group-affiliated firms are significantly better than the industry median. Further, number of listed companies held in one group and industry diversification within the group both have significant positive impact on firm value, while the market value of firms decline with government＇s ultimate control and direct shareholders＇ control.