【摘要】 为解释公司价值创造能力异质性表现,建立二元选择模型,分别采用均值回归与分位数回归两个分析方法,讨论了所有制性质、股权制衡度、公司规模等对上市公司价值创造能力的异质影响方式。一方面,通过分位回归系数,揭示其异质影响模式;另一方面,通过概率水平预测,揭示其异质影响程度。本文以中国A股上市公司2009—2011年三个年度数据作为研究对象进行实证研究,取得了稳健的实证结果。结果表明:这三类因素都显著影响公司价值创造能力,但影响方式呈现出异质性,表现为在价值创造能力的上尾部与下尾部都有较大的回归系数,意味着需要特别关注那些价值创造能力层次较高和较低的公司,可以采取"抓两头,促中间"的公司治理策略;各因素对公司价值创造为正的可能性影响程度表现为"折线型、台阶式",意味着只有当各因素取值累积到一定程度时,该可能性才会发生变化,而这一变化对公司规模最为敏感,表明要想实现价值创造能力的提升,公司需要进行各因素的积累与准备。更多还原

【Abstract】 We apply the binary choice model to explain the binomial heterogeneous response in EVA. The influence of ownership pattern,equity restriction and company size on EVA is discussed by mean regression and quantile regression analysis,respectively.The empirical study focuses on China’s listing corporations from 2009to 2011.We find that all those three factors possess significant heterogeneity impact on EVA,where there are larger values at both upper and lower quantile.As a result,we should pay more attention on those who has higher level or lower level EVA,and may take the"grasping the head and tail, diving intermediate"policy.Second,the probability of positive EVA takes a "fold line and step type", which implies that the probability does not change until cumulative value of each factor to a certain extent. The policy implications are that accumulation of various factors should be prepared for improving the performance of EVA.更多还原