股票流动性、股权治理与国有企业绩效  

Stock Liquidity,Ownership Governance and SOEs Performance

作　　者：温军[1] 冯根福[1] JUN WEN;GENFU FENG(Xi’an Jiaotong University)

机构地区：[1]西安交通大学经济与金融学院

出　　处：《经济学（季刊）》2021年第4期1301-1322,共22页China Economic Quarterly

基　　金：国家自然科学基金面上项目(72074176);陕西省软科学重点项目(2020KRZ015)的资助。

摘　　要：本文从金融市场微观结构视角,考察了中国上市公司股票流动性对国有企业绩效的作用机制和影响效果。结果发现:(1)中国资本市场股票流动性的提高有助于机构投资者低成本进入企业和国有大股东有效减持股份,显著优化公司的股权结构,降低国有企业的双重委托代理成本,提高国有上市企业的短期绩效和长期价值;(2)股票流动性对竞争性国企和中央国企的公司价值提升作用强于特定功能类和公共服务类以及地方国企。Our research investigates the mechanism and effect of stock liquidity of China’s state-owned listed companies on firm value.Empirical results reveal that the increase of stock liquidity in SOEs is conducive to the entry of institutional investors into state-owned listed companies,and can make state-owned blockholders reduce the shares effetively,and optimize the SOEs’ownership structure,which can weaken managerial behaviors being inconsistent with the shareholders interest maximization,and can also relieve the risk of embezzlement and exploitation of minority shareholders,consequently,improve short-term performance and long-term value of SOEs,which is obvious especially for competitive SOEs and State-owned Key Enterprises.

关 键 词：股票流动性 股权治理 国有企业绩效 

分 类 号：F832.51[经济管理—金融学] F276.1F272.5