国有企业垄断扩张对企业绩效影响效应研究—来自我国上市公司面板数据的实证
A Study on How the Expansion of State-Owned Monopolies Impacts Their Performances—The Empirical Data of Listed Companies of Our Country

作者: 杜雪锋 , 田益祥 , 张高勋 , 李 立 :电子科技大学经济与管理学院,成都;

关键词: EVA国企垄断扩张市场结构企业绩效影响效应EVA The Monopoly Expansion of State-Owned Enterprises Market Structure Enterprise Performance Influence Effect

摘要:
本文以经济增加值为公司绩效的度量指标,采用面板数据模型研究企业绩效与企业垄断扩张间的关系。并应用我国沪深上市公司数据样本,对国有企业的不断扩张和企业绩效的关系进行实证。寻求国企垄断扩张的适度规模,给政策制定者提供参考。实证结果表明:国企垄断扩张使企业绩效呈显著地下降趋势。同时存在非线性的“U型”效应,即较低程度的垄断限制了企业的创新能力,导致企业绩效降低。随着垄断扩张为企业带来的超额垄断利润弥补了创新能力的不足,又使企业绩效与垄断呈现正向关系。

Abstract: In this paper, we choose economic value added (EVA) as the measurement indicator of company’s performance and use the panel data model to study the relationship between the enterprise per-formance and the industry monopoly. We focus on China listing corporations covering various in-dustries and find out that there is a negative linear relation and non-linear “U” effect between the monopoly expansion of state-owned enterprises and EVA; that is to say, the monopoly decreases EVA of the company. However, when the monopoly expansion of state-owned enterprises increases to a certain transition point, EVA begins to increase, indicating that the excess monopoly profit compensates for the negative effect to enterprise. The firm performance and monopoly begin to show a positive relationship.

文章引用: 杜雪锋 , 田益祥 , 张高勋 , 李 立 (2014) 国有企业垄断扩张对企业绩效影响效应研究—来自我国上市公司面板数据的实证。 金融, 4, 65-72. doi: 10.12677/FIN.2014.44009

参考文献

[1] Bain, J.S. (1954) Economies of scale, concentration and the condition of entry in twenty manufacturing industries. American Economic Review, 44, 115-391.

[2] Cowling, K. and Waterston, M. (1976) Price cost margins and market structure. Economica, 43, 267-274.

[3] Hou, K. and Robinson, D.T. (2006) Industry concentration and average stock returns. Journal of Finance, 61, 1927- 1956.

[4] 孔东民, 肖土盛 (2011) 垄断影响了中国上市公司的绩效吗? 南方经济, 1, 39-50.

[5] Byme, O. (1996) EVA and market value. Journal of Applied Corporate Finance, 9, 116-125.

[6] Biddle, G.C., Bowen, R.M. and Wallace, J.S. (1997) Does EVA beat earnings? Evidence on associations with stock returns and firm values. Journal of Accounting and Economics, 12, 301-336.

[7] 杨兰昆, 李湛 (2000) 基于EVA的管理评价方法: 应用与局限. 预测, 4, 59-62.

[8] 冯根福, 吴林江 (2001) 我国上市公司并购绩效的实证研究. 经济研究, 1, 54-61.

[9] 沈维涛, 叶晓铭 (2004) EVA对上市公司资本结构影响的实证研究. 经济研究, 1, 47-57.

[10] 李洪, 张德明, 曹秀英, 张学崛 (2006) EVA绩效指标有效性的实证研究——基于454家沪市上市公司2004年度的数据. 中国软科学, 10, 150-157.

[11] 陆桂贤 (2012) 我国上市公司并购绩效的实证研究——基于EVA模型. 审计与经济研究, 2, 104-109.

[12] 朱武祥, 宋勇 (2001) 股权结构与企业价值. 经济研究, 12, 66-72.

[13] 李亚静, 朱宏泉, 张明善 (2006) 股权结果与公司价值创造——对家电行业上市公司的实证分析. 西南民族大学学报(人文社科版), 10, 167-170.

[14] 黄华 (2007) 中国上市公司EVA绩效分析——基于REVA的框架. 硕士论文, 对外经济贸易大学, 北京.

分享
Top