制度演进、市场竞争对公司价值的影响——来自中国原生民营上市公司的经验证据

Institutions Evolution,Market Competition and Corporation Value——Evidence from Chinese Original Listed Private Companies

本文通过手工收集到的原生民营上市公司的样本,从公司价值的外部影响因素出发,考察了制度演进、市场竞争对民营上市公司的影响。通过模型的实证分析,我们发现,相比较制度演进和市场竞争两者对公司价值的影响,制度演进对公司价值的影响最大,但制度演进的程度与公司发展的需求上,仍存在着一定的滞后;与常识相反的是,外部激烈的市场竞争无损公司市场价值,反而减少公司高管的机会主义行为,提高了公司的价值;同时,制度演进与市场竞争两者对公司价值的影响相互独立,没有出现替代效应。

Both institutions evolution and market competition are important to corporate governance.The author hand-collects a unique sample,and uses this sample to explore relation among company value,market competition,and institutions evolution in China.Over 30 years reforms,China has transformed from plan economy to market economy,and the author finds that the institutions play the most important role to the company value with the process of transformation.The better institutions evolves,the better company performance will be;and in contrast with common sense,the author finds that market competition does not destroy company value,but to some extent market competition reduces opportunistic behaviors of managers,and improves company value.And the market competition does not have alternative effect to institutions evolution.