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本文采用中国A股市场上市公司2003—2012年的10010个样本点,实证分析国有股比例、公司价值和企业风险三者之间的关系。实证结果表明,中国A股市场上市公司价值和国有持股比例的关系是内生性的,且公司价值随着国有持股比例的上升而呈现出先降后升的u状形态,其变化临界点为国有持股44%。本文研究也发现:以公司价值为因变量时,公司价值与企业风险的相关系数为负;而以企业风险为因变量时,企业风险与公司价值的相关系数为正;最后,企业风险和国有股比例正相关,说明对A上市公司而言,国有股比例越高企业风险也越大。
This paper uses the 10010 sample points from 2003 to 2012 of listed companies in China’s A-share market to empirically analyze the relationship between the proportion of state-owned shares, corporate value and corporate risk. The empirical results show that the relationship between the value of listed companies and the proportion of state-owned shareholdings in China’s A-share market is endogenous, and the value of the firm shows a u-shaped pattern that first and then increases with the increase in the proportion of state-owned shareholdings. The critical point of change is State-owned shares 44%. The research also finds that when the company’s value is the dependent variable, the correlation coefficient between company’s value and the company’s risk is negative. When the company’s risk is the dependent variable, the correlation between the company’s risk and the company’s value is positive. Finally, The proportion is positively correlated, indicating that for a listed company, the higher the proportion of state-owned shares, the greater the corporate risk.