区域社会资本、法律保护与公司价值

Regional Social Capital,Legal Protection and Corporate Value

基于我国区域社会资本不平衡、金融法律保护存在巨大差异的背景,用市场中介组织的发育和法律制度环境指标来度量地区金融法律的保护水平,采用信任指数作为社会资本的代理变量,根据2005—2007年A股上市公司的财务数据,研究区域社会资本、法律保护与公司价值的关系。实证分析表明,在我国,社会资本越高和金融法律保护程度越高的地区,上市公司的价值越高,而且社会资本和法律保护是相互替代的关系,在法律保护水平低的地区,社会资本对公司价值的影响更大。

Based on the background of imbalanced regional social capital and big difference in financial and legal protection, this paper uses the indicators of the growth of market intermediary organizations and legal and regulatory environment to measure the protection level of regional finance and laws, uses trust indicator as the substitutive variable of social capital, and studies the relation between regional social capital, legal protection and corporate value according to financial data of listed company A during 2005 - 2007. The empirical analysis shows that, in China, the higher social capital and financial and legal protection extent are, the higher a listed company value is, furthermore, social capital and legal protection are reciprocal substitution relation, in the regions with lower legal protection level, social capital has bigger influence on corporate value.