我国上市公司政府干预、多元化经营与公司绩效研究
发布时间：2018-11-07 21:01
【摘要】：中国作为最大的新兴市场国家之一,政府在市场经济活动中一直扮演着重要的角色,中国的大部分上市公司由政府通过非流通股控制,尽管近20年来民营上市公司也在不断增加,并且民营公司也推动了中国的经济增长,但是国有上市公司仍然占据资本市场的主导地位。近年来,越来越多的政府政策倾向于国有上市公司。在自然资源、民航、房地产和金融行业,国有上市公司已经将民营公司驱逐①。因此政府持股现象和政府政策干预可能会影响国有上市公司相关决策的作出。在中国政府干预并不是偶然现象,政府可能将其政治目标和社会职能通过干预转嫁给受其控制的上市公司。比如已有研究表明政府会因其政治目标、社会目标以及政府官员的个人利益干预企业的经营行为。本文借助企业多元化经营战略这一特征研究政府干预对企业经营行为以及经济后果的影响。政府因为制度因素、社会管理职能(诸如促进就业、养老、税收、维持社会稳定等)和私人利益(政治晋升和经济利益)会驱使受其干预的企业新增投资,组建大型企业集团,而当地方保护主义严重时,单一业务部门的企业要达到一定的规模并不容易,于是多元化经营成为其扩大企业规模、实现政府多重目标的选择。但是这种违背经济效益原则的多元化经营,会导致多元化经营形成的内部资本市场失效、引发过度投资等问题,并且由于存在政府干预的企业的委托代理问题的特殊性,实施多元化经营后企业的委托代理成本也会增加,这些都最终导致政府干预下的多元化经营降低了公司绩效。 本文以沪市A股2009-2010年非金融保险行业上市公司为研究样本,涉及样本观测值共1190个,以多元回归分析为主要分析方法,借鉴国内外已有研究建立适合本文研究的模型。本文的研究结论主要有：(1)实际控制人为国有性质的上市公司经营了更多的业务部门,更倾向于实施多元化战略。存在政府干预的上市公司,为了完成其社会职能以及其官员为获得政治晋升,利用其“便利”的融资渠道和融资条件,通过多元化经营战略组建的大型企业集团实现了其多重目标；(2)这种政府干预下的上市公司多元化经营降低了公司绩效。政府干预下的多元化经营由于其动机是完成其社会职能和政治目标,导致了多元化经营形成的内部资本市场无效和过度投资问题,另一方面增加了公司内部的代理成本,所以这种违背经济效益原则的多元化经营损害了公司价值。本文的研究充实了转轨时期新兴市场关于政府干预、多元化经营与公司绩效的关系的研究文献,也有益于进一步理顺转轨经济时期政府与企业之间的关系。 本文共包括六个部分内容：第一部分绪论,阐述本文的研究背景、理论意义和实用价值、研究的框架以及本文可能的创新点和研究的局限；第二部分回顾国内外关于政府干预与企业多元化以及多元化与公司绩效之间关系的相关文献,为下文的研究进行铺垫,作好理论界定,并对国内外的已有研究进行述评；第三部分为理论分析与研究假设,主要根据国内外的理论研究提出本文的研究假设；第四部分是研究设计,主要包括样本和变量的选择以及定义,并进行研究模型的构建；第五部分对选取的样本进行描述性统计分析、相关性分析和回归分析,对假设进行——验证；第六部分为本文的研究结论与政策建议,首先总结文章的研究内容以及研究结论,然后根据在第五部分研究时发现的问题提出具有针对性的政策建议。
[Abstract]:As one of the largest emerging market countries in China, the government has played an important role in the activities of market economy, and most of the listed companies in China are controlled by the government through non-tradable shares. China's economic growth has also been promoted by the people, but the state-owned listed companies still dominate the capital market. In recent years, more and more government policies tend to state-owned listed companies. In natural resources, civil aviation, real estate and finance, state-owned listed companies have expelled the people. Therefore, the government's holding and government policy intervention may affect the decision-making of state-owned listed companies. In the case of Chinese government intervention, it is not an accident, and the government may turn its political and social functions into a listed company under its control through intervention. For example, research has shown that the government will interfere with the operation of the enterprise due to its political objectives, social objectives and the personal interests of government officials. This paper studies the effect of government intervention on the operation and economic consequences of the enterprise by means of the characteristics of the enterprise's diversified operation strategy. The government, because of institutional factors, social management functions (such as promoting employment, pension, taxation, social stability, etc.) and private interests (political and economic interests) will drive the enterprises affected by them to increase their investment, form large-scale enterprise groups, and when local protectionism is serious, The enterprise of a single business unit needs to reach a certain scale and is not easy, so the diversified operation becomes the choice of expanding the scale of the enterprise and realizing the multi-objective of the government. However, the diversified management of the principle of economic benefit can lead to the failure of the internal capital market formed by the diversified operation and the excessive investment, etc., and because of the particularity of the commission agent problem of the enterprises in which the government intervenes, The commission agent cost of the enterprise after the implementation of the diversified operation will also increase, which will eventually lead to the diversification of the government's intervention and lower the company's performance. This paper takes stock companies listed in the non-financial insurance industry of Shanghai-Shanghai Ashare for 2009-2010 as the research sample, involving a total of 1190 samples, using the multiple regression analysis as the main analysis method, and using the existing research at home and abroad to establish a suitable study for this paper. The main results of this paper are as follows: (1) The actual control of man-made state-owned listed company has operated more business units, and is more inclined to implement diversification The strategy is a large-scale enterprise group formed by a diversified operation strategy in order to complete its social function and its officials to obtain political promotion, and to use its 鈥淐onvenient鈥，
本文编号：2317559
[Abstract]:As one of the largest emerging market countries in China, the government has played an important role in the activities of market economy, and most of the listed companies in China are controlled by the government through non-tradable shares. China's economic growth has also been promoted by the people, but the state-owned listed companies still dominate the capital market. In recent years, more and more government policies tend to state-owned listed companies. In natural resources, civil aviation, real estate and finance, state-owned listed companies have expelled the people. Therefore, the government's holding and government policy intervention may affect the decision-making of state-owned listed companies. In the case of Chinese government intervention, it is not an accident, and the government may turn its political and social functions into a listed company under its control through intervention. For example, research has shown that the government will interfere with the operation of the enterprise due to its political objectives, social objectives and the personal interests of government officials. This paper studies the effect of government intervention on the operation and economic consequences of the enterprise by means of the characteristics of the enterprise's diversified operation strategy. The government, because of institutional factors, social management functions (such as promoting employment, pension, taxation, social stability, etc.) and private interests (political and economic interests) will drive the enterprises affected by them to increase their investment, form large-scale enterprise groups, and when local protectionism is serious, The enterprise of a single business unit needs to reach a certain scale and is not easy, so the diversified operation becomes the choice of expanding the scale of the enterprise and realizing the multi-objective of the government. However, the diversified management of the principle of economic benefit can lead to the failure of the internal capital market formed by the diversified operation and the excessive investment, etc., and because of the particularity of the commission agent problem of the enterprises in which the government intervenes, The commission agent cost of the enterprise after the implementation of the diversified operation will also increase, which will eventually lead to the diversification of the government's intervention and lower the company's performance. This paper takes stock companies listed in the non-financial insurance industry of Shanghai-Shanghai Ashare for 2009-2010 as the research sample, involving a total of 1190 samples, using the multiple regression analysis as the main analysis method, and using the existing research at home and abroad to establish a suitable study for this paper. The main results of this paper are as follows: (1) The actual control of man-made state-owned listed company has operated more business units, and is more inclined to implement diversification The strategy is a large-scale enterprise group formed by a diversified operation strategy in order to complete its social function and its officials to obtain political promotion, and to use its 鈥淐onvenient鈥，
本文编号：2317559
本文链接：https://www.wllwen.com/guanlilunwen/huobilw/2317559.html
