摘要
关于公司价值的已有研究,主要集中于其度量方法改进及影响因素分析,较少关注企业上市(IPO)后公司价值随时间推移表现出的一般性变化规律,更加没有涉及企业价值内生时变特征的经济学解释。选取2003-2019年中国沪深A股市场全样本数据,实证判别企业上市后公司价值的一般性时变规律及其内生性特征,并给出理论猜想解释时变规律背后的经济学逻辑。实证结果表明:企业上市后公司价值随时间变化呈现出显著且稳健的内生性变化规律,表现为W型时变特征;在引入可能产生影响的控制变量后,以及在不同标准划分的样本条件下,上市公司价值的内生时变规律仍然显著且稳健。理论猜想认为:IPO会使企业管理层表现出过度亢奋特征,但随着时间的推移,这种亢奋会逐渐减弱,委托代理问题和基于理性权衡的资本结构选择,会导致公司价值在企业上市后呈现出内生性时变规律。因此,中国上市公司价值存在内生性时间效应。
The existing study on company value mainly focuses on the improvement of its measurement methods and the analysis of influencing factors,while the general change laws of company value with the passage of time after initial public offerings(IPO)are insufficiently studied.Moreover,there is no economic explanation for the endogenous time-varying characteristics of company value.By using the full sample data of China’s A-share market from 2003 to 2019,this paper empirically tests the general time-varying law of company value after listing and its endogenous characteristics,and puts forward the theoretical conjectures to explain the economic reasons for the endogenous time-varying law.The empirical results show that after listing,the time-varying law of company value is significant and robust,showing the time-varying characteristics of a W-shaped curve.Even when possible influencing factors are introduced as control variables,under the sample conditions of different standards,the endogenous time-varying law is still significant and robust.The theoretical conjecture holds the view that IPO will make the company management show excessive excitement which will gradually weaken over time.The principal-agent problem and the choice of capital structure based on rational trade-off will lead to the endogenous time-varying law of the company value after listing.Therefore,the value of Chinese listed companies has endogenous time effect.
出处
《上海商学院学报》
2021年第3期45-62,共18页
Business Economic Review
基金
国家社会科学基金青年项目“上市公司原始股东减持的主观动机、时机选择及市场影响研究”(19CJY060)。
关键词
公司价值
时间效应
内生性
上市亢奋
W型时变
company value
time effect
endogeneity
IPO excitement
W-shaped time-varying
