管理者能力对企业价值的提升效应——基于市场竞争与地方保护的视角

The Enhancement Effect of Managerial Ability on Firm Value: From Perspectives of Market Competition and Local Protection

管理者能力是影响企业经营决策和战略实施的核心要素,对企业价值产生直接影响,而影响程度同时受到产品市场竞争约束的作用。本文通过对2008~2017年我国沪深A股上市公司的面板数据研究发现,管理者能力与企业价值显著正相关,且产品市场竞争约束可以强化管理者能力对企业价值的提升效应。当然,如果竞争性市场受到地方保护的影响,管理者能力对企业价值的正效应会被明显削弱;仅在低地方保护地区的非国有控股企业中,产品市场竞争约束才可以有效强化管理者能力对企业价值的提升效应。因此,消除地方保护与所有制壁垒、打造自由平等的中性竞争环境、提升管理者能力与企业价值,是未来中国经济繁荣发展的必经之路。

Managerial ability is the critical factor affecting business decision-making and the implementation of enterprise strategy,which has a direct impact on firm value.The degree of the impact is also constrained by product market competition.Based on the sample of A-Share listed companies in Shanghai and Shenzhen stock Exchanges from 2008 to 2017,this paper finds that managerial ability is significantly positive correlated with firm value.Product market competition constraints can strengthen the enhancement effect of managerial ability on firm value.Of course,if the competitive market is affected by local protection,the positive effect will be significantly weakened.Only in the non-state-owned holding firms with low local protection,product market competition constraints can effectively strengthen the enhancement effect.Therefore,to eliminate the barriers of local protection and ownership,to create a free and neutral competitive environment,and to improve the ability of managers and firm value are the only way for China’s economic prosperity and development in the future.