市场化进程、控制权转让与公司绩效——基于A股上市公司面板数据的双重差分与Heckman两阶段分析

发布时间：2018-03-19 11:00

本文选题：市场化进程　切入点：控制权转让　出处：《金融与经济》2017年07期 　论文类型：期刊论文

【摘要】：本文采用双重差分及Heckman两阶段分析的方法来检验异质实际控制人转变之后上市公司经营绩效的改善状况。研究发现:在市场化进程较高时,国有转民营的上市公司会表现出盈利能力和经营绩效的提高。国有转民营能有效降低公司代理成本,进而降低非生产性支出,从而使公司绩效的改善作用得以发挥;民营转国有则由于产权暂时变动对代理成本增加的抑制,公司绩效变化不显著;而在市场化进程较低时,民营转国有的上市公司则表现为盈利能力和经营绩效的提高,国有转民营由于政治联系这种非正式机制对融资约束和政府干预的缓解作用也表现为公司绩效的提高。
[Abstract]:This paper uses the method of double difference and Heckman two-stage analysis to test the improvement of operating performance of listed companies after the change of heterogeneous actual controllers. The listed companies with state-owned to private enterprises will show the improvement of profitability and operating performance. The state-owned conversion of private companies can effectively reduce the agency cost of the company and then reduce the non-productive expenditure, so that the improvement of corporate performance can be brought into play. The change of company performance is not significant because of the temporary change of property right to restrain the increase of agency cost, but when the marketization process is low, the listed company of private transnationalization shows the improvement of profitability and management performance. As a result of the political connection, the informal mechanism can alleviate the financial constraints and government intervention, which is also reflected in the improvement of corporate performance.
【作者单位】：新疆财经大学金融学院;
【基金】：新疆财经大学硕士研究生科研及实践创新计划项目《格雷欣法则与其逆法则转换机制建模及其应用》,编号:XJUFE2016KO57 新疆财经大学博士科研基金项目《银行系统风险及其监管问题研究》,编号:2014BS007;新疆财经大学硕士研究生科研及实践创新计划项目《完备理性建模及实证应用》新疆维吾尔自治区社科基金项目《南疆四地州农村微型金融就业减贫效应及可持续发展研究》阶段性成果,编号:2016BJY026
【分类号】：F275;F832.51

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