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文章以1997—2014年制造业上市公司为样本,运用双重差分的方法研究了民营化对企业价值的影响。研究发现,相较于一直保持国有性质的企业,经历了民营化以后的企业其企业价值有着更高水平的提升。通过进一步检验在不同市场化进程中民营化对企业价值影响的差异,发现在不同的市场化进程下,民营化对企业价值的影响显著不同。在市场化程度高的地区,民营化对企业价值的影响显著更强。文章从民营化的视角对企业价值作出了新的解释,并为市场化进程的作用提供了合理依据,丰富了国有企业民营化的文献,同时对国有企业改革有着重要的借鉴意义。
Taking the manufacturing listed companies from 1997 to 2014 as a sample, the article studies the influence of privatization on the enterprise value by using the method of double difference. The study found that, compared with the enterprises that have always maintained the state-owned nature, the enterprises that have experienced privatization have a higher level of their corporate value. By further examining the differences in the impact of privatization on firm value in different marketization processes, it is found that under different marketization processes, the impact of privatization on firm value is significantly different. In areas with a high degree of marketization, the impact of privatization on enterprise value is significantly stronger. From the perspective of privatization, the article makes a new explanation of the enterprise value and provides a reasonable basis for the role of the marketization process. It enriches the literature on the privatization of state-owned enterprises and at the same time it is of great reference significance to the reform of state-owned enterprises.