管理者能力、制度环境与企业价值——基于中国证券市场制度变迁的视角

Managerial Ability,Institutional Environment and Corporate Valuation:A Perspective Based on Institutional Changes in the Chinese Securities Market

管理者能力是指企业家在一定的资源约束条件下为企业创造收入的能力。本文利用2006年前后中国证券市场制度环境的变迁作为外生性冲击事件,探讨管理者能力在不同制度环境下对企业价值的影响。研究发现:管理者能力能够提升企业价值,但该结论只在良好的制度环境下成立。进一步分析发现,制度环境的变迁效果在民营企业和市场化进程较高的地区更为显著。上述研究结果表明,营造良好的制度环境对于引导管理者能力配置,提升企业价值具有重要作用。本文的研究结论不仅丰富了我们对管理者能力的认识,而且有助于理解转轨经济背景下制度环境建设的重要性。

Managerial ability refers to the ability of managers to generate corporate income under certain resource constraints.We examine the relation between managerial ability,institutional environment and corporate valuation using the institutional change of China s securities market in 2006.We find that managerial ability does enhance the value of the firm,but the effect of managerial ability needs a good institutional environment as a precondition.We also find that the effect of institutional change is more pronounced in private firms and areas with higher marketization.Our paper shows that the establishment of a good institutional environment plays an important role in optimizing the allocation of managerial ability and then improving the value of the corporation.This study not only enriches our understanding of managerial ability but also provide new evidence to the importance of building institutional environments in the context of transitional economies.