【摘要】 研究中国民营企业的政治身份在不同制度环境下对其未来发展的影响。基于实物期权理论和制度理论,利用807个民营上市公司样本,实证检验了民营企业政治身份和企业增长期权之间的联系;考虑到各个省份在市场化制度发展程度上的不同,这种联系也可能存在差异。实证结果显示,民营企业的政治身份降低了企业增长期权价值,并且其负面影响在市场制度欠发达地区更加严重。最后,对研究发现进行了讨论。更多还原

【Abstract】 This study shed light on the impacts of political status on Chinese private firms in the midst of economy transition.With real option theory and institutional theory,we empirically examined the linkage of political status and growth option value.Considering the institutional variances among China’s sub-national area,the main effect might be diverse as well.The results showed that political status reduces private firm’s growth option value,particular in less institutional developed area.At last,we made arguments for the interesting finding.更多还原