非上市公司的股權結構、市場環境和公司價值的關係

Ownership Structure, Market Environment and Firm Value: Evidences from China's Non-listed Firms

Student thesis: Doctoral Thesis

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Awarding Institution
Supervisors/Advisors
  • Yaxuan QI (Supervisor)
  • Jianqiao HONG (External person) (External Supervisor)
Award date28 Aug 2017

Abstract

公司治理問題一直是實務界和學術界關注的熱點問題。上市公司披露充分、資訊公開、涉及的利益相關群體廣泛,因而得到了政策制定者、學術界以及廣大投資者的密切關注,有關上市公司治理問題的文獻層出不窮。然而,與上市公司相比,鮮少有學者關注非上市公司。作為中國最具經濟活力的經濟體,非上市公司佔據著中國國民經濟的重要位置,是中國經濟的重要支柱。相較於幾千家上市公司,中國非上市公司的數量眾多,遍佈各個行業。以2009年的資料為例,年銷售額大於500萬的非上市公司有422,213家,而上市公司數目僅為1,718家。因為非上市公司資料難以獲得等原因,相較于大量已有的針對上市公司的研究,針對非上市公司治理問題的研究寥寥無幾,還很不充分。

非上市公司在中國經濟中的重要作用毋庸置疑,近年來越來越多的專家、學者開始關注非上市公司的治理問題。國家統計局建立了中國工業企業資料庫,全稱為“全部國有及規模以上非國有工業企業資料庫”,為大樣本研究非上市公司提供了可能,本文的研究也是建立在國泰安進一步整理後的數據基礎上的。

提高公司價值是研究公司股權結構與公司治理的最終目的。公司價值如何衡量尚無定論,仍需學者們繼續研究和探索。對於上市公司來說,基於市場價格的價值判斷給公司橫向與其他上市公司比較、縱向與歷史價值比較提供了一種思路。然而對於沒有流通市場的非上市公司來說,如何研究公司價值變得更加困難。由於非上市公司可獲得的財務資料十分有限,本文最後用財務杠杆、投資效率和稅收這三個直接影響公司價值的因素作為代替公司價值的三個變數。

本文在研究股權結構對公司價值影響的基礎上,還引入了外部市場化水準和外部法律保護程度作為調節變數。外部監管環境作為公司的外部治理因素對公司價值會產生一定的影響。本文通過大樣本資料研究結果發現,相比國有控股的非上市公司,非國有控股的非上市公司財務杠杆更低、投資效率更高,同時避稅程度也更高;與此同時,隨著外部市場化水準和法律保護程度的提高,國有非上市公司和非國有非上市公司之間的差異在減小。該結果表明較高的外部市場化水準和良好的法律保護確實對公司價值有一定的提升作用。針對國有企業的股權集中度的研究結果發現,相較於國有絕對控股的非上市公司,國有相對控股的非上市公司財務杠杆較低、投資效率較高,但兩者在避稅程度上並沒有差異。考慮地區之間差異時,市場化程度和法治因素對財務杠杆的影響都很顯著,在市場化程度較高和法治程度較好的地區,國有絕對控股企業和國有相對控股企業的財務杠杆之間的差距縮小。在驗證地區因素對投資效率的影響時結果出現了差異,良好的市場環境確實起到了正面的治理效應,提高了企業投資效率,但法治環境對投資效率的影響卻並不顯著。而所有的國有企業,包括國有絕對控股企業和國有相對控股企業在內的,其避稅程度在地區之間的差異都不顯著。

本文的貢獻主要有以下幾點:首先是豐富了非上市公司的文獻,增強了對非上市公司的理解;其次,本文研究了國有非上市公司和非國有非上市公司在籌資、投資和避稅方面的差異,豐富了股權結構對公司價值影響的文獻;再者,本文也為融資優序理論和代理理論提供了實證證據;最後,本文結論給政府部門制定經濟政策和法律法規提供了一定的依據,也對非上市公司的實際經營活動有一定的指導意義。
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.

    Research areas

  • unlisted companies, ownership structure, firm value, financing, leverage, investment efficiency, tax planning