外资持股、法律环境对上市公司市值的影响研究

Research on the Influence of Foreign Shareholding and Legal Environment on the Market Value of Listed Companies

中国证券市场从成立之时就非常重视外资持股,外资持股也是中国混合所有制经济模式需要考虑的重要问题。以2008~2017年中国上市公司为研究对象,考察外资持股对公司市值的影响。研究发现:外资持股可以有效提升上市公司的市值,这种提升作用在企业业绩好的公司、法律环境好的地区尤为显著。从理论分析和实证检验两个方面为中国上市公司引进外资持股及混合所有制经济模式改革提供理论和经验证据。

China's securities market has attached great importance to foreign shareholding since its establishment,which is also an important issue to be considered in China's mixed-ownership economic model.This paper took the listed companies in China from 2008 to 2017 as the research object,and investigated the impact of foreign shareholding on the market value.It is found that foreign ownership can effectively improve the market value of listed companies,especially in companies with good performance and regions with good legal environment.This paper provides theoretical basis and empirical evidence for the introduction of foreign shares for listed companies in China and the reform of mixed-ownership economic model in China from the two aspects of the theoretical analysis and empirical test.