摘要
以我国2002年年底前完成民营化的民营上市公司以及以行业规模为基准配对的国有上市公司2003-2005年的经验数据为样本，从产权理论的角度出发，实证分析了地区市场化程度对民营公司和国有公司无形资产投资的差异化影响。结果表明，市场化程度越低，国有公司的无形资产投资就越多。民营公司的投资行为能提高公司价值，但市场化程度对公司价值影响不大。国有公司投资虽没有显著提高公司价值，但公司价值伴随着市场化程度的提高而提高，市场机制对国有公司的正面效应大于负面效应。
Using a comprehensive firm- level data set on the private listed corporations which has finished privatization before the end of 2002, and industry- and- size- matched state- owned listed corporations from 2003 to 2005, the author investigates how does the degree of marketization plays different role on private and state - owned list corporations. Empirical results show that： as the degree of mercerization deerease, intangible investments in state- owned list corporations are restrained. Investments in private listed corporations enhance firm＇s value, but significant relationship between investment and firms＇ value is not found. Investments in state- owned listed corporations have no significant effect on finns＇ value, however, the higher the degree of marketization, the higher the firm＇ s value, which means market mechanism, plays positive effect on state- owned listed corporation beyond negative effect.
出处
《山西财经大学学报》
CSSCI
2008年第12期65-72,共8页
Journal of Shanxi University of Finance and Economics
关键词
市场化程度
政府干预
无形资产投资
公司价傅
the degree of marketization
government intervention
intangible investment
firm＇s value
