政府控制层级对公司价值的影响研究——基于A股上市公司的实证研究

Study on the Influence of Government Controlling Levels to the Corporate Value——Empirical Analysis based on A-Shares Listed Companies

中国特有的经济"双轨制"决定着上市公司受不同最终控制人的影响,由此造成不同控制性质的公司价值存在差异性。以2007-2011年中国所有A股上市公司作为研究样本,根据实际控制人性质将上市公司细分为非政府控制、县级政府控制、市级政府控制、省级政府控制以及中央政府控制这五种类型,实证分析了不同层级政府控制和非政府控制人对公司价值的影响。实证结果表明,相对于非政府控制上市公司,政府控制的上市公司价值更低,其中市级县级等低层级政府控制的上市公司价值更低。同时也发现政府控制的上市公司比例有显著性下降,说明中国经济主体转向非政府控制经济已初见成效。

The specific Chinese economy ＂two-track＂ system determined that the listed companies are influenced by different ultimate controllers, and therefore makes there exists difference of corporate value at different kind of companies. This paper use all A-shares listed Chinese companies of 2007 to 2011as the research data and subsided the listed companies into five kinds in accordance with their controlling characteristics： non-government controlling, county-government controlling, city-gov- ernment controlling, province-government controlling and central-government controlling, and the paper empirically analyzed the influence on corporate value of different government-levels controlling and non-government controlling. The result shows that： comparing with non-government controlled listed companies, the corporate values of those government-controlled companies are comparatively lower, and the corporate value of low-levels government （county, city-government） controlled companies are even lower. And the result also shows that the percentage of government-controlled listed companies is decreasing significantly, this shows that the Chinese economy＇s changing to non-government controlled economy began to show initial result.