地方政府政绩诉求、政府控制权与公司价值研究
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| Title | Political Achievement Demands of Local Government，Government Control Right and Corporate Value
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| 作者 | 逯东 孙岩 周玮 杨丹 |
| Author | Lu Dong,Sun Yan, Zhou Wei and Yang Dang |
| 作者单位 | 西南财经大学会计学院 |
| Organization | Southwestern University of Finance and Economics/ Peking University |
| 作者Email | ludong@swufe.edu.cn |
| 中文关键词 | 国有企业 政绩诉求 政府控制权 公司价值 |
| Key Words | State-Owned Enterprises; Political Achievement Demands; Government Control Right; Corporate Value |
| 内容提要 | 本文以2004-2010年的非金融类地方国有上市公司为样本，实证检验和比较了政绩诉求目标下的各级地方政府对国有企业的控制行为差异，揭示了政府自上而下的分权是提高国有企业经营效率重要途径。研究发现：（1）诸如财政盈余、相对经济增长率和相对失业率等地方政府的政绩诉求目标构成了影响国有企业的政府控制权的重要因素；且不同级别地方政府的政绩诉求的影响存在差异。（2）随着行政级别的下降（省—市—县），政府控制权对公司价值的损害效应逐层减弱；表明，基于不同的政绩诉求，相对于高级别政府，低级别政府与企业的利益更为一致，对国有企业的干预所带来的价值损害更小。 |
| Abstract | Using a sample of local state-owned listed company from 2004 to 2010, this paper examines difference among government controls of the state-owned enterprises under the political achievement demands. Meanwhile, it reveals the government decentralization is an important way to improve the efficiency of state-owned enterprises. This study finds that: (1) political achievement demands are important factors affecting government control of state-owned enterprises, such as the fiscal surplus, the economic growth rate and unemployment rate. And the different political achievement demand of government level has different influence on state-owned enterprises. (2) With the decline of government level (Province - City - County), the damage of government control to company value will decrease. Based on different political achievement demands, the low-level government will be better shareholders of state-owned enterprises and brings smaller damage to company value than the high-level government does. |
| 文章编号 | WP437 |
| 登载时间 | 2013-04-26 |
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