“优胜劣汰”能否提高上市公司价值?——基于监管政策实施的事件背景

Can “Survival of the Fittest” Improve the Value of Listed Companies? Based on Event Background of Implementation of Regulatory Policy

2020年10月国务院发布《关于进一步提高上市公司质量的意见》,旨在加强“优胜劣汰”市场竞争机制,营造支持上市公司可持续发展的良好生态环境。本文利用《意见》发布的事件背景,基于A股上市公司样本,使用事件研究法考察市场竞争机制对上市公司价值的影响。结果发现,《意见》发布期间,上市公司的累计超额收益率为正;内部治理风险较低、外部治理环境较好的企业具有更高的累计超额收益率;公司治理状况与累计超额收益率的正向关系在民营企业样本和法律制度环境较好的企业样本中更加显著。

In October 2020, the State Council issued Opinions on Further Improving the Quality of Listed Companies. This policy aims to strengthen the market competition mechanism of “survival of the fittest”, and create a good ecological environment to support the sustainable development of listed companies. This paper uses the event background of the above policy issuing, based on the sample of A-share listed companies, and utilizes the event study method to investigate the impact of market competition mechanism on the value of listed companies. It is found that, during the issuing of the above policy, the cumulative excess return of listed companies is positive. Enterprises with low internal governance risk and good external governance environment have higher cumulative excess return. The positive relationship between corporate governance and cumulative excess return is more significant in the sample of private enterprises and the sample of enterprises with better legal system environment.