非上市公司的股權結構、市場環境和公司價值的關係

Abstract

Corporate governance is always a hot topic in the field of practice and academia. Listed companies involve a wide range of stakeholders and have more disclosure information. Therefore, there are lots of literatures focusing on listed companies. However, few literature pay attention to non-listed companies. In fact non-listed companies occupy an important position in China's economy. The number of non-listed companies is much more than listed companies in all industries. In 2009, for example, the number of non-listed companies with annual sales more than 5 million is 422,213, while the number of listed companies is only 1,718. One of the difficulties in studying non-listed companies is obtaining data. The studies on non-listed companies are still insufficient compared with the large number of existing researches on listed companies.

Non-listed companies play an important role in the China’s economy without a doubt. In recent years, more and more experts and scholars begin to focus on non-listed companies. The National Bureau of Statistics established a database of Chinese industrial enterprises, called "state-owned and large-scale non-state industrial enterprises database". The database provides a possibility for studying non-listed companies in a large sample. This paper is based on the database too.

How to measure firm value is still an academic problem. For listed companies, the capital market and stock price give us a way to value the firms. However, for non-listed companies it’s become more difficult because of no public trading market. Going back to the principles of economy, we choose financial leverage, investment efficiency and taxation as three factors which directly affect the value of the firm as substitution variables for firm value.

We also introduce marketization level and legal protection degree to the models. The outside environment has influences on the relationship between ownership structure and firm value as external governance factors. Our results show that compared to the state-owned companies, the private companies have lower financial leverage, higher investment efficiency and higher degree of tax planning. At the same time, the differences between state-owned companies and private companies decrease in financial leverage, investment efficiency and tax planning in the provinces with higher level of marketization and legal protection. The analysis of ownership concentration is limited in state-owned companies because of the data. The result shows that compared to absolute state-owned companies, the relative state-owned companies have lower financial leverage and higher investment efficiency. But the two groups have no differences in the tax planning level. The differences of financial leverage between the relative state-owned companies and absolute stated-owned companies decrease in the provinces with higher level of marketization and legal protection. The situation changes on investment efficiency aspect. High level of marketization has a positive effect on investment efficiency, while legal protection has no significant impact. And the level of tax planning has no significant differences among all the state-owned enterprises in different provinces.

This paper contributes to the research of non-listed companies. And studying the relationship between ownership structure and financial leverage, investment efficiency and tax planning also contributes the literature in firm value. Moreover, this paper provides empirical evidences for the theory of financing priority and agency theory. Last, the conclusion of this paper provides some basis for government departments to formulate economic policies and give some advices for the business activities.

Date of Award	28 Aug 2017
Original language	Chinese (Traditional)
Awarding Institution	City University of Hong Kong
Supervisor	Yaxuan QI (Supervisor) & Jianqiao HONG (External Supervisor)