公司治理对企业增加价值创造的异质性影响——基于二元分位数回归模型的研究

The Heterogeneity Influence of Corporate Governance on Added Value Creation——Based on Binary Choice Quantile Regression Model

上市公司价值创造的异质性很大部分源于公司治理机制的不同。本文采用分位数回归的方法,实证检验我国上市公司治理对企业增加价值(VA)创造异质性的影响。研究结果显示:企业VA创造受公司治理各变量的影响显著,不仅如此,在VA不同分位点上,公司治理对企业VA创造能力的影响呈现出明显的异质性。基于VA创造能力的异质性研究公司治理对我国上市公司价值创造的影响,有助于从公司治理角度分析VA创造能力不足的深层次原因,为提高企业VA创造能力提供新的解决思路。

The heterogeneity of the value creation ability of listed companies mainly comes from the difference in governance mechanism.In this paper,quantile regression is used to empirically test the impact of corporate governance of listed companies on the heterogeneity of their added value creation ability.The results show that all the variables of corporate governance have a prominent influence on the added value creation of companies and the impact of corporate governance on the value creation ability of companies shows significant heterogeneity at the different quantiles of added value.Based on the heterogeneity of value creation ability,the research on the impact of corporate governance on the value creation of Chinese listed companies helps to analyze the deep-rooted causes of the lack of value creation ability from the perspective of corporate governance and provide new solutions to enhance companies'value creation ability.