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| 地区差异、金字塔结构与公司价值 | |
| 引用本文： | 钟海燕,冉茂盛,丁雪峰. 地区差异、金字塔结构与公司价值[J]. 经济与管理研究, 2012, 0(5): 12-19 |
| 作者姓名： | 钟海燕 冉茂盛 丁雪峰 |
| 作者单位： | 1. 三峡大学经济与管理学院,宜昌市,443002 2. 重庆大学经济与工商管理学院,重庆市,400030 |
| 摘 要： | 本文以2005～2008年中国国有企业金字塔层级数据为样本,从地区市场化程度和地方政府社会目标两个层面考察了国有企业选择金字塔结构的驱动力量与约束条件,并从公司价值视角对国有企业金字塔层级的经济后果进行理论分析与实证检验。研究发现,金字塔层级明显受到地区市场化进程、财政赤字和失业率等因素的影响;金字塔层级与公司价值之间存在"U型"曲线关系,金字塔结构并不仅仅意味着掏空效应,它还有支持或保护效应,可以增加股东财富。 |
| 关 键 词： | 地区差异 金字塔层级 市场化进程 公司价值 |
Regional Disparity, Pyramid Structure and Corporate Value |
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| ZHONG Hai-yan,RAN Mao-sheng,DING Xue-feng. Regional Disparity, Pyramid Structure and Corporate Value[J]. Research on Economics and Management, 2012, 0(5): 12-19 | |
| Authors: | ZHONG Hai-yan RAN Mao-sheng DING Xue-feng |
| Affiliation: | ZHONG Hai-yan1,RAN Mao-sheng2,DING Xue - feng1 (1.Economics and Management School,China Three Gorges University,Yichang 443002; 2.School of Economics and Business Administration,Chongqing University,Chongqing 400030) |
| Abstract: | Based on pyramidal layers data of stated-owned companies from 2005 to 2008,this paper empirically examines influencing factors of state-owned enterprises’ pyramid structure and the relationship between pyramid structure and corporate value.It is found that pyramid structure has been significantly influenced by regional process of marketization,financial deficit and employment rate.It is also found that there is a U-shaped relationship between pyramid layers and corporate value that the pyramid structure not only a tunnel effect,but also supportive and protective that can increase shareholders’ wealth. |
| Keywords: | Regional Difference Pyramidal Layers Marketization Corporate Value |
| 本文献已被 CNKI 万方数据 等数据库收录！ | |