我国A股上市公司增值额分配比率差异——基于产权、行业和地区差异的视角

Difference in Value-added Distribution Ratio among China's A-shares Listed Companies:From Perspective of Difference in Property Right,Industry and Region

运用2003—2009年我国A股上市公司的增值额及其相关比率数据,从产权、行业和地区差异的视角,研究了我国A股上市公司在增值额分配比率方面的差异特征。研究发现:非国有上市公司的政府报酬率、债权人报酬率和企业留存率高于国有上市公司,而前者的员工报酬率和股东报酬率却低于后者;不同行业上市公司的增值额分配比率存在显著的行业差异;上市公司所在地区的市场化程度越高,上市公司的政府报酬率和企业留存率越高、员工报酬率与债权人报酬率越低,但没有发现股东报酬率存在类似规律。

By using the data about listed companies from 2003 to 2009 in China, this paper studies the characteristics of value-added distribution ratios of A-shares listed companies from the perspective of difference in property right, industry and region. The result shows as follows： the profit of government,the profit of creditor and the profit reserve of enterprise of non-state listed companies are higher than those of state listed companies,but the return rates of employee and shareholder of the former are higher than those of the latter;there are significant differences in value-added distribution ratios among listed companies in different industries;the higher the commercialization degree of the region where listed company is located in is,the higher the profit of government and the profit reserve of enterprise are,and the lower the return rate of employee and the profit of creditor are;however,similar rule doesn＇t exist in the return rate of shareholder.