我国民营与国有上市公司投资价值的比较研究

The Investment Value of State Owned versus Non-State Owned Firms Listed on Chinese Stock Markets: A Comparison

鉴于学界在民营与国有上市公司的绩效、治理结构和投资价值上存在较大的争议,本文对2000年底前上市的1 026个公司在2001—2003年间的数据进行了全面的比较分析,发现:(1)民营上市公司的投资收益和账面值—市值比显著小于国有上市公司,因此具有较低的投资价值。(2)与国有上市公司相比,民营上市公司的盈利能力、发展潜力、资本运营能力和尝债能力均较低,但其股权结构较为分散,而且其经理层激励方式与国有上市公司差别不大。(3)民营上市公司投资价值较差的根源在于其盈利能力、发展潜力和资产运营能力较低。(4)与杨兴君、苏启林及张俊喜和张华的实证结果不同,民营与国有上市公司在股权结构、经理层激励、企业规模及地理位置上的差别无法解释两者投资价值的差异。在上述实证结果的基础上,本文提出了相关的政策建议。

Using data of 1026 firms listed on Chinese stock markets before the end of year 2000, this paper analyzes and compares the investment value, profitability, capital structure and corporate governance structure of state owned versus non - state owned firms between years 2001 and 2003. The paper finds that： （ 1 ） Non - state owned firms have, on average, lower monthly returns and book - to - market value than state owned firms. （2） Non - state owned firms have, on average, lower profitability, growth prospects, capital mobility, long - term solvency and shareholder concentration than state owned firms. However, both types of firms use more or less the same incentive scheme for managers. （3） Factors such as profitability, growth prospects and capital mobility can explain the differences in investment value of state owned versus non - state owned firms. （4） In contrast to the findings by Yang Xingjun （2003）, Su Qilin （2004） and Zhang Junxi and Zhang Hua （2004）, ownership structure, managerial incentives and size cannot explain the differences in investment value for the two types of firms.