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本文通过手工收集到的原生民营上市公司的样本,从公司价值的外部影响因素出发,考察了制度演进、市场竞争对民营上市公司的影响。通过模型的实证分析,我们发现,相比较制度演进和市场竞争两者对公司价值的影响,制度演进对公司价值的影响最大,但制度演进的程度与公司发展的需求上,仍存在着一定的滞后;与常识相反的是,外部激烈的市场竞争无损公司市场价值,反而减少公司高管的机会主义行为,提高了公司的价值;同时,制度演进与市场竞争两者对公司价值的影响相互独立,没有出现替代效应。
Based on the sample of primary privately-owned listed companies collected by hand, this paper examines the influence of institutional evolution and market competition on private listed companies from the external influence factors of the company’s value. Through the empirical analysis of the model, we find that system evolution has the greatest impact on the value of the company compared with the evolution of the system and the market competition, but the extent of the system evolution and the demand of the company’s development still exist certain On the contrary to common sense, the intense external market competition does not damage the market value of the company, but reduces the opportunistic behavior of the company’s senior executives and enhances the company’s value. At the same time, the influence of the system evolution and the market competition on the company’s value is independent , There is no substitution effect.