地区间市场化进程与上市公司价值的差异

Diversity of Regional Marketization with the Value of Listed Companies

治理环境是影响一个国家或地区上市公司股权集中度的重要因素。在市场化进程中,往往通过减少股权集中度的方式提高国有企业的价值。以国有上市公司公布的横截面数据为样本进行实证分析,结果表明:由于我国各地区市场化进程的差异,导致不同地区国有上市公司股权集中度与企业价值之间的关系并不相同。

Governance environment is a main factor influencing the ownership concentration of national or regional listed companies. China wants to improve the value of state-owned companies through reducing the ownership concentration during marketization. By using cross-section data of state-owned listed companies to do empirical study, we get conclusion that the diversity of marketization in different regions results in different relationship between ownership concentration and value of the enterprise in state-owned listed companies.