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

发布时间：2018-04-05 08:45

本文选题：寻租　切入点：制度变革　出处：《上海财经大学学报》2016年05期

【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。
[Abstract]:Based on the theory of transaction cost and institutional change, this paper makes use of "eight regulations and six injunctions" to announce this exogenous event, and studies the effect of rent-seeking behavior on the value of the company from the microscopic level.The relationship between rent-seeking and corporate value in China's emerging markets is further discussed, and how the relationship between rent-seeking and corporate value is affected by different property rights and regulatory actions.It is found that when "eight regulations and six prohibitions" are announced, there is a significant positive return on the market as a whole.The more rent-seeking activities before the publication of the "eight regulations and six prohibitions", the more significant the value-added effect of the "eight regulations and six prohibitions" on the company.Further investigation shows that the value increase of private enterprises is more significant than that of state-owned enterprises, and that of regulated industry companies is more significant, and that of non-regulated industry companies is not obvious.The results show that rent-seeking behavior impairs the value of companies, especially private enterprises and regulatory firms.System reform can reduce rent-seeking activities, reduce transaction costs, improve the value of the company, and then improve the level of economic development.The article has important guiding significance for further deepening the reform, understanding the function of system and its vicissitude.
【作者单位】：上海财经大学会计学院;
【基金】：国家自然科学基金项目(71372038)
【分类号】：F275;F271

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