大股东产权异质、亏损逆转程度与公司价值  

The Heterogeneity of the Property Rights of Major Shareholders,the Degree of Loss Reversal and the Value of Company

作　　者：陈建英[1] 杜勇[2] 张欢[2] 魏盼盼[1] 

机构地区：[1]西南大学财务处,重庆400715 [2]西南大学经济管理学院,重庆400715

出　　处：《财务研究》2017年第1期87-95,共9页Finance Research

基　　金：重庆市社会科学规划培育项目(2015PY29);国家自然科学基金面上项目(71572153);国家社会科学研究基金青年项目(13CGL050);教育部人文社科研究青年项目(12YJC630010);西南大学人文社会科学重大培育项目(15XDSKZD005)

摘　　要：处于亏损状态的公司更有动力通过大股东来获得各种帮助,然而国有产权性质的大股东与民营产权性质的大股东在帮助上市公司实现亏损逆转的动力和能力上都可能存在明显差异。本文选取2003~2012年我国亏损上市公司为研究样本,探讨了大股东产权性质、亏损逆转程度与公司价值三者之间的关系。实证结果表明,国有亏损公司在亏损后第一年的公司价值比非国有亏损公司更低;上市公司在亏损后第一年发生的亏损逆转程度越高,其公司价值越大;相比非国有大股东,国有大股东所在的公司亏损逆转程度对公司价值的正向影响明显更弱。Loss companies have more motivation to get all kinds of help from major shareholders, but there may exist significant differences in the power and capacity of the help for loss reversal between the major shareholders with private property rights and state-owned property rights. This article selects loss listed companies from 2003 to 2012 as research samples, analyzes the relationship among property rights of major shareholders, the degree of loss reversal and the value of company. The findings of our study are as follows. Firstly, companies whose major shareholders with state-owned property rights have the less value. Secondly, the higher the degree of loss reversal in the first year after the loss, the greater the value of company. Finally, compared with non-state-owned companies, the positive impact of the degree of loss reversal on the value of company is weaker in state-owned companies.

关 键 词：盈亏状态 产权异质 亏损逆转程度 公司价值 

分 类 号：F275[经济管理—企业管理]