摘要
笔者选择中国上市公司为样本,以樊纲、王小鲁编制的市场化进程数据衡量市场秩序,以会计上的"营业费用"衡量交易费用,考察了市场秩序、产权性质对交易费用及企业运行效率的影响。研究发现:市场秩序与交易费用显著负相关,与企业运行效率显著正相关,没有发现产权性质对二者有显著影响。笔者在夏立军、方轶强研究结论的基础上,进一步说明市场秩序之所以能够提高企业价值是因为节约了交易费用和提高了企业运行效率。
By selecting listed firms in China as the sample, using the data on the marketization course compiled by Fan Gang and Wang Xiaolu to measure market order and using ＂operating expenses＂ in accounting to measure transaction cost, the authors review the effect of market order and property right character on transaction cost and enterprise operating effiency. The findings indicate that market order is obviously negatively related to transaction cost and significantly positively related to enterprise operating efficiency. Nevertheless no evidence reveals property right character has noticeable influence on them. Based on the research of Xia Lijun and Fang Yiqiang, the authors further explain that market order can boost firm value because it saves transaction cost and promotes enterprise operating effiency.
出处
《经济经纬》
CSSCI
北大核心
2010年第3期73-77,共5页
Economic Survey
关键词
市场秩序
产权性质
交易费用
运行效率
market order
property right character
transaction cost
operating efficiency
