本文關(guān)鍵詞：交叉上市、政府干預(yù)與資本配置效率，，由筆耕文化傳播整理發(fā)布。

交叉上市、政府干預(yù)與資本配置效率

Cross-listings, Government Intervention, and Efficiency of Capital Allocation

[1] [2]

Qin Jiaqi ,Shao Xinjian （a： Business School, Nankai University; b： School of International Trade and Economics, UIBE）

[1]南開大學(xué)商學(xué)院,300071; [2]對外經(jīng)濟(jì)貿(mào)易大學(xué)國際經(jīng)濟(jì)貿(mào)易學(xué)院,100029

文章摘要：本文以2007—2011年的平衡面板數(shù)據(jù)，考察中國H＋A交叉上市公司是否由于受到更多的政府干預(yù)而具有更低的資本配置效率和更低的市場價值�；趨�(shù)化生產(chǎn)函數(shù)方法，本文以全要素生產(chǎn)率和技術(shù)效率來度量資本配置的靜態(tài)效率，以全要素生產(chǎn)率增長及其在隨機(jī)邊界生產(chǎn)函數(shù)下的次級分解指標(biāo)——技術(shù)進(jìn)步率、規(guī)模經(jīng)濟(jì)變動、技術(shù)效率變動——來度量資本配置的動態(tài)效率，采用處理效應(yīng)模型進(jìn)行回歸分析。研究發(fā)現(xiàn)，H＋A公司具有更低的全要素生產(chǎn)率、技術(shù)效率和全要素生產(chǎn)率增長。在全要素生產(chǎn)率增長的分解項(xiàng)中，H＋A公司雖然具有更高的技術(shù)效率變動，但具有更低的技術(shù)進(jìn)步率。交互效應(yīng)回歸發(fā)現(xiàn)，更低的效率指標(biāo)降低了H＋A公司的價值。這些結(jié)果可以視為中國強(qiáng)制性制度變遷的一種成本。

Abstr：Based on 2070 observations of a balanced panel data set from 2007 to 2011, we investigate whether China＇s H ＋ A cross-llsted companies get lower efficiency of capital allocation and then achieve lower market value because of greater government intervention. Adopting the method of parametric function of production, we apply the total factors productivity （TFP） and technical efficiency（TE） to measure the static efficiency of capital allocation. The dynamic efficiency of capital allocation is measured by total factors productivity growth （TFPG） and its sub-index technological progress, scale economy change, and technical efficiency change. With the treatment effect model, we find that H ＋ A companies have lower TFP, TE, and TFPG. Meanwhile, the lower TFPGs of H ＋ A companies come from lower technological progress. The treatment effect model with interaction shows that the lower efficiency of capital allocation decreases the value of H ＋ A companies. These results can be viewed as a cost of China＇s imposed institutional changes.

文章關(guān)鍵詞：

Keyword：:Cross-listings Government Intervention Efficiency of Capital Allocation Corporate Value

課題項(xiàng)目：國家自然科學(xué)基金項(xiàng)目（70902048、71102075、71232005、71372096、71472039）、國家公派訪問學(xué)者項(xiàng)目（[2013]3018）、對外經(jīng)濟(jì)貿(mào)易大學(xué)優(yōu)秀青年學(xué)者培育計劃（2014YQ01）、中央高�；究蒲袠I(yè)務(wù)費(fèi)專項(xiàng)資金（NKZXB10102、CXTD5-01）資助.

  本文關(guān)鍵詞：交叉上市、政府干預(yù)與資本配置效率，由筆耕文化傳播整理發(fā)布。