寻租、制度变革与公司价值——基于“八项规定六项禁令”的实证检验  

Rent Seeking, Institution Reform and Corporate Value:Evidence from “Eight Rules and Six Bans”

作　　者：颜恩点 

机构地区：[1]上海财经大学会计学院,上海200434

出　　处：《上海财经大学学报（哲学社会科学版）》2016年第5期66-78,共13页Journal of Shanghai University of Finance and Economics

基　　金：国家自然科学基金项目(71372038)

摘　　要：文章基于交易费用和制度变迁理论,利用"八项规定六项禁令"公布这一外生事件,从公司微观层面深入研究寻租行为对公司价值的影响,并进一步讨论在中国新兴市场中寻租行为和公司价值之间的关系如何受到不同产权性质和管制行为的影响。文章实证发现,当"八项规定六项禁令"公布后,市场整体存在显著正的收益。企业"八项规定六项禁令"公布之前的寻租活动越多,"八项规定六项禁令"对公司的增值作用越显著。进一步考察发现,民营企业的价值增加更显著,而国有企业不显著;管制行业公司的价值增加更显著,而非管制行业公司不明显。研究结果表明,寻租行为损害了公司的价值,特别是民营企业和管制行业公司的价值。制度变革能够减少寻租活动,降低交易费用,提高公司价值,进而提高经济的发展水平。文章对我国进一步深化改革,认识制度的作用及其变迁具有重要的指导意义。Based on trading fees and institutional change theory, this paper uses the publication of ＂Eight Rules and Six Bans＂ as an exogenous event and deeply examines the effect of rent-seeking behavior on corporate value at corporate micro level. Then it further discusses the effects of property rights and regulation behavior on the relationship between rent-seeking behavior and corporate value in China as an emerging market. It empirically finds that after the announcement of ＂Eight Rules and Six Bans＂, there are significantly positive returns in the market as a whole. In addition, more rent-seeking behavior before the announcement of ＂Eight Rules and Six Bans＂ leads to the more significant role of ＂Eight Rules and Six Bans＂ in the increase in corporate value. Further analysis shows that the increase in corporate value in private companies is more significant, and the one in state-owned companies is not significant; the increase in corporate value in regulated industries is more significant and the one in non-regulated industries is not obvious. It indicates that rent-seeking behavior harms corporate value, especially in private companies and companies in regulated industries. Institution reform can help to reduce rent seeking and trading fees, and improve corporate value and thereby economic development. It is of great guidance significance to further deepening the reform and the understanding of the role of institutions and their changes.

关 键 词：寻租 制度变革 公司价值 产权性质 

分 类 号：F275[经济管理—企业管理]