CAJ | 학술논문

考察我国转轨经济背景下政府干预与公司多元化价值的关系。研究发现,政府对经济干预程度越高,上市公司多元化价值越低,且当终极控制人性质为国有时,这种现象更为明显。政府干预下的公司多元化经营,由于更多地出于政治目标和社会职能的考虑,降低了公司价值,特别是国有控股公司,政府更容易影响公司多元化价值。研究增进了对经济转型时期政企关系的认识,对理解新兴市场公司的多元化价值影响也提供了新的视角。
고찰아국전궤경제배경하정부간예여공사다원화개치적관계。연구발현,정부대경제간예정도월고,상시공사다원화개치월저,차당종겁공제인성질위국유시,저충현상경위명현。정부간예하적공사다원화경영,유우경다지출우정치목표화사회직능적고필,강저료공사개치,특별시국유공고공사,정부경용역영향공사다원화개치。연구증진료대경제전형시기정기관계적인식,대리해신흥시장공사적다원화개치영향야제공료신적시각。
This paper investigates the relationship between government intervention and corporate diversified value in the context of transition economy of our country.The results show that the corporate diversified value becomes lower as the level of government intervention increases,and this appears more significant when the ultimate controller is a state owner.Because of government intervention,corporations adopt diversified management Considering more of political targets and social function,they reduces firm value.This case is still true when it comes to the state owned holding companies.This study promotes our cognition on the relation between corporate and government in the time of transition economy and provides new perspectives on the corporate diversified value in the emerging market economy.