物权制度改革、民营企业现金持有与企业价值——基于双重差分模型的实证研究

Property Right Reform,Private Firm Cash Holding and Firm Value

使用2005—2009年民营上市公司数据,运用双重差分模型(DID)实证分析以《物权法》实施为标志的物权制度改革对民营企业现金持有水平的影响及其价值提升效应。研究发现:(1)相对于规模较大的民营企业,《物权法》的实施降低了规模较小民营企业的现金持有水平;(2)《物权法》实施相对降低规模较小民营企业现金持有水平是通过缓解企业融资约束实现的;(3)《物权法》实施通过影响规模较小民营企业的现金持有水平提升了企业价值。企业是经济的基石,企业价值增长是经济增长的微观基础,研究结论为物权制度改革促进经济增长提供了微观证据。

An empirical study on the effect of the implementation of Property Law to the cash holding Level of private listed firm in China, using the data of private listed firm from the year 2005 to 2009, with application of DID（Difference in Differences） method. According to the study：（1） As to the large-scale private listed firm, Property Law reduces the cash holdings level of smaller private listed firm.（2） Property Law reduces the cash holding Level of the small private firm in China by alleviating the financing constraints of firm.（3） The property law improves the firm value by affecting the cash holding level. Firm is the cornerstone of economy, and the growth of firm value is the microcosmic foundation of economic growth. The conclusion of this paper also provides microscopic evidence for the reform of property right system to promote economic growth.