物权制度改革提升了无政治关联上市公司的企业价值吗?——基于制度质量视角的法经济学分析

Does the Property Right Reform Increase the Firm Value of Non-Politically Connected Listed Firms?——A Law and Economics Study Based on Institutional Quality

基于制度质量视角,使用2005年至2009年民营上市公司数据,综合运用倾向得分匹配法(PSM)和双重差分模型(DID)实证分析了以《物权法》实施为标志的物权制度改革对无政治关联民营企业价值的影响,研究发现,《物权法》能够相对提升无政治关联民营企业的价值。进一步分析发现,《物权法》的价值提升作用是通过缓解融资约束渠道实现的,它对规模较小和融资环境较差地区无政治关联企业的价值提升作用更显著。本文的研究结果一方面科学评估了《物权法》实施对无政治关联民营企业的价值提升作用,丰富了法和经济学领域的研究文献;另一方面,也在企业层面实证检验了《物权法》对政治关联的替代作用,丰富了制度变迁理论的微观基础。

Viewing from the angle of institutional quality, this paper presents an empirical study on the effect of the implementation of Property Law on to the value of non-politically connected private firms, by making use of the data of private listed firms from 2005 to 2009 and applying PSM （Propen-sity Score Matching） and DID （Difference in Differences） method. The study shows that Property Law can raise the value of non-politically connected private firms to some relative extent. Further a- nalysis indicates that the impact of Property Law on the increase of firm value is realized by easing re- straints in financing. For non--politically connected firms of small scales or in regions with poor finan- cing conditions, the contribution of Property Law is even greater in terms of adding to the firm values. The study results are effective in two aspects. On the one hand, they provide a scientific assessment of the value elevating function of the Property Law for non--politically connected private firms, which enriches the research literature in the law and economics field. On the other hand, they perform the empirical test on Property Law as a substitution of political connections at the enterprise level, which enriches the micro basis of institutional change theory.