The Type of Private Listed Firms, Political Connections and Market Valuation

Hao Xiao, Xinping Xia
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引用次数: 1

Abstract

A new measure of enterprise efficiency by using a stochastic frontier approach is introduced to estimate the production efficiencies of private listed firms in China in the period of 2002~2005. This paper investigates the relationship among the type of private listed firms, political connections and market valuation. The results show that, the direct listed private firms have significantly greater political connections and higher market valuation than indirect listed private firms; political connections of direct listed firms have no influence on the market valuation, but the political connections of indirect listed firms have significantly negative effect on the market valuation.
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民营上市公司类型、政治关系与市场估值
本文采用随机前沿法对2002~2005年中国民营上市公司的生产效率进行了测度。本文研究了民营上市公司类型、政治关系和市场估值之间的关系。结果表明,直接上市民营企业的政治关系和市场估值显著高于间接上市民营企业;直接上市公司的政治关系对市场估值没有影响,而间接上市公司的政治关系对市场估值有显著的负向影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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