Corporate Governance and Market Valuation in China
Corporate Governance and Market Valuation in China
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DOI：
10.2139/ssrn.393440
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发表时间：
2003-04
期刊：
影响因子：
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通讯作者：
C. Bai;Qiao Liu;Joe Lu;F. Song;Junxi Zhang
中科院分区：
文献类型：
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作者：
C. Bai;Qiao Liu;Joe Lu;F. Song;Junxi Zhang
本文对中国上市公司治理机制与市场估值的关系进行了实证研究。本文利用上市公司年报数据，构建了中国两市所有上市公司的公司治理机制测度和市场估值测度。然后，我们研究了市场估值变量如何受到公司治理变量的影响，同时控制了市场估值分析中通常考虑的一些因素。构建公司治理指数，对公司治理变量中包含的信息进行汇总。该指数发现统计上和经济上对市场估值明显的影响。分析表明，投资者为治理良好的中国公司支付了显著的溢价，这有利于改善治理机制的公司。
This paper studies the relationship between the governance mechanisms and the market valuation of publicly listed firms in China empirically. We construct measures for corporate governance mechanisms and measures of market valuation for all publicly listed firms on the two stock markets in China by using data from the firm’s annual reports. We then investigate how the market-valuation variables are affected by the corporate governance variables while controlling for a number of factors commonly considered in market valuation analysis. A corporate governance index is also constructed to summarize the information contained in the corporate governance variables. The index is found to have statistically and economically significant effect on market valuation. The analysis indicates that investors pay a significant premium for well-governed firms in China, benefiting firms that improve their governance mechanisms.