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处于亏损状态的公司更有动力通过大股东来获得各种帮助,然而国有产权性质的大股东与民营产权性质的大股东在帮助上市公司实现亏损逆转的动力和能力上都可能存在明显差异。本文选取2003~2012年我国亏损上市公司为研究样本,探讨了大股东产权性质、亏损逆转程度与公司价值三者之间的关系。实证结果表明,国有亏损公司在亏损后第一年的公司价值比非国有亏损公司更低;上市公司在亏损后第一年发生的亏损逆转程度越高,其公司价值越大;相比非国有大股东,国有大股东所在的公司亏损逆转程度对公司价值的正向影响明显更弱。
However, the big shareholders with the nature of state-owned property rights and the large shareholders with private property rights may have obvious differences in their motivation and ability to help the listed companies to reverse the losses. This paper selects the listed companies of loss in our country from 2003 to 2012 as the research sample and discusses the relationship between the property rights of the major shareholders, the degree of loss reversal and the value of the company. The empirical results show that the state-owned loss-making companies in the first year after the loss of corporate value lower than the non-state-owned loss companies; listed companies in the first year after the loss reversal of the higher the degree of loss, the greater the value of the company; compared to non-state The positive impact of the loss reversal of the company where the major shareholder and the state-owned major shareholder are located on the company’s value is significantly weaker.