摘要
本文以2004—2010年的非金融类地方国有上市公司为样本,实证检验了政绩诉求目标下的各级地方政府对国有企业的控制行为差异,揭示了政府自上而下的分权是提高国有企业经营效率的重要途径。研究发现:(1)相对经济增长率、财政盈余等地方政府的政绩诉求目标构成了影响国有企业政府控制权的重要因素,且不同级别地方政府的政绩诉求的影响存在差异;(2)随着行政级别的下降(省一市一县),政府控制权对公司价值的损害效应逐层减弱。这表明基于不同的政绩诉求,相对于高级别政府,低级别政府与企业的利益更为一致,对国有企业的干预所带来的价值损害更小。
Using a sample of local state-owned listed company from 2004 to 2010, this paper examines difference among government controls of the state-owned enterprises under the political achievement demands. Meanwhile, it reveals the government decentralization is an important way to improve the efficiency of state-owned enterprises. This study finds that： （ 1 ） political achievement demands are important factors affecting government control of state-owned enterprises, such as the economic growth rate, the fiscal surplus. And the different political achievement demand of government level has different influence on state-owned enterprises. （2） With the decline of government level （Province-City-County） , the damage of government control to company value will decrease. Based on different political achievement demands, the low- level government will be better shareholders of state-owned enterprises and brings smaller damage to company value than the high-level government does.
出处
《经济研究》
CSSCI
北大核心
2014年第1期56-69,共14页
Economic Research Journal
基金
国家自然科学基金项目"政府控制权
高管政治关联与国企治理研究"(71103147)
国家自然科学基金项目(71072167
71273212
71203185)的资助
关键词
国有企业
政绩诉求
政府控制权
公司价值
State-owned Enterprises
Political Achievement Demands
Government Control Right
Corporate Value
