终极控制人、政府干预与公司多元化价值

考察我国转轨经济背景下政府干预与公司多元化价值的关系。研究发现,政府对经济干预程度越高,上市公司多元化价值越低,且当终极控制人性质为国有时,这种现象更为明显。政府干预下的公司多元化经营,由于更多地出于政治目标和社会职能的考虑,降低了公司价值,特别是国有控股公司,政府更容易影响公司多元化价值。研究增进了对经济转型时期政企关系的认识,对理解新兴市场公司的多元化价值影响也提供了新的视角。

Ultimate Controller,Government Intervention and Corporate Diversified Value

This paper investigates the relationship between government intervention and corporate diversified value in the context of transition economy of our country.The results show that the corporate diversified value becomes lower as the level of government intervention increases,and this appears more significant when the ultimate controller is a state owner.Because of government intervention,corporations adopt diversified management Considering more of political targets and social function,they reduces firm value.This case is still true when it comes to the state owned holding companies.This study promotes our cognition on the relation between corporate and government in the time of transition economy and provides new perspectives on the corporate diversified value in the emerging market economy.