【作者】 孙亮；

【导师】 贝政新；

【作者基本信息】 苏州大学 ， 金融学， 2010， 硕士

【摘要】 本文以2005年至2008年在沪深证券交易所上市的1230个A股民营上市公司为研究样本,通过手工收集民营上市公司实际控制人的背景资料,刻画了民营上市公司的政府背景。实证研究了民营上市公司实际控制人的政府背景与公司价值之间的关系。实证结果表明,从民营上市公司总体来看,实际控制人的政府背景与公司价值不存在显著的相关关系。但在现金流权与控制权合一时,民营上市公司实际控制人的政府背景与公司价值正相关;在现金流权与控制权分离但不存在控股股东时,民营上市公司实际控制人的政府背景与公司价值正相关;在现金流权与控制权分离且存在控股股东时,民营上市公司实际控制人的政府背景与公司价值不相关。研究发现实际控制人的政府背景可以带来价值,但是这种价值有时体现为全体投资者所共享的上市公司价值。有时却体现为实际控制人所独享的控制权私有价值。更多还原

【Abstract】 This paper purposes to examine the relationship between political connection and market valuation in China’s individual-controlled listed company .Using 1230 samples of“A share”individual-controlled listed firms during 2005-2008 in Shanghai and Shenzhen Stock Exchange Markets. Collecting the ultimate controller’s political connection background information of those individual-controlled listed companies by hand ,we portrayed their political relationships. The empirical results show that there is no significant relationship between political connection and market valuation. in China’s individual-controlled listed company as a whole. Moreover , results also show that for the individual-controlled listed companies whose cash flow rights and control rights is not deviated , political connection has a significant positive effect on market valuation ; and for the individual-controlled listed companies whose cash flow rights and control rights is deviated, and without a controlling shareholder , political connection also has a significant positive effect on market valuation , however for the individual-controlled listed companies whose cash flow rights and control rights is deviated, and there is a controlling shareholder existed , political connection has no significant effects on market valuation. All in all , political connection can create value,but sometimes the value is reflected as firm value , however in other times the value is reflected as the ultimate controller’s personal value.更多还原