政治关联、控股股东与公司价值  

Political Connections,Controlling Shareholders and Corporate Value——Empirical Evidence from 2003 to 2005 Listed Companies in China

作　　者：张广宁[1] 刘冰冰[1] 李梦双[1] 

机构地区：[1]辽宁大学商学院,辽宁沈阳110036

出　　处：《辽宁大学学报（哲学社会科学版）》2011年第3期83-89,共7页Journal of Liaoning University(Philosophy and Social Sciences Edition)

基　　金：教育部人文社科学研究青年基金项目"终极控制股东对公司资本结构影响的实证研究"(批准号:10YJC630067)

摘　　要：本文以中国上市公司2003-2005年3 270个观测值为样本,从公司政治关联视角出发,并考虑股权的内生性问题,对控股股东特征与公司价值关系进行了理论分析与实证检验。结果显示,国有控股上市公司价值显著高于民营控股上市公司;控股股东持股比例与公司价值之间呈U型关系。这表明,基于控股股东性质所形成的公司政治关联是导致国有控股上市公司价值高于民营控股上市公司的主要原因,控股股东持股比例通过控制权私利成本影响控股股东利益侵占抑或利益协同行为。This paper uses a sample of 3270 observations from 2003 to 2005 of China listed companies,and from the perspective of political connection,examines the relationship between the characteristics of controlling shareholders and corporate value under the consideration of endogeneity of ownership structure.The results suggest that the value of state-owned companies is significantly higher than that of private-owned companies,and that the relationship between shareholding ratio and corporate value presents a U-shaped relation.These indicate that political connection based on the nature of controlling shareholders is the primary reason that leads to the value of state-owned companies higher than that of private-owned companies,and that the shareholding ratio affects behaviors of controlling shareholders that can present either entrenchment effect or alignment effect.

关 键 词：政治关联 控股股东 公司价值 内生性 

分 类 号：F830.91[经济管理—金融学]