本文關鍵詞：交叉上市、政府干預與資本配置效率，，由筆耕文化傳播整理發(fā)布。

交叉上市、政府干預與資本配置效率

Cross-listings, Government Intervention, and Efficiency of Capital Allocation

[1] [2]

Qin Jiaqi ,Shao Xinjian （a： Business School, Nankai University; b： School of International Trade and Economics, UIBE）

[1]南開大學商學院,300071; [2]對外經(jīng)濟貿(mào)易大學國際經(jīng)濟貿(mào)易學院,100029

文章摘要：本文以2007—2011年的平衡面板數(shù)據(jù)，考察中國H＋A交叉上市公司是否由于受到更多的政府干預而具有更低的資本配置效率和更低的市場價值�；趨�(shù)化生產(chǎn)函數(shù)方法，本文以全要素生產(chǎn)率和技術效率來度量資本配置的靜態(tài)效率，以全要素生產(chǎn)率增長及其在隨機邊界生產(chǎn)函數(shù)下的次級分解指標——技術進步率、規(guī)模經(jīng)濟變動、技術效率變動——來度量資本配置的動態(tài)效率，采用處理效應模型進行回歸分析。研究發(fā)現(xiàn)，H＋A公司具有更低的全要素生產(chǎn)率、技術效率和全要素生產(chǎn)率增長。在全要素生產(chǎn)率增長的分解項中，H＋A公司雖然具有更高的技術效率變動，但具有更低的技術進步率。交互效應回歸發(fā)現(xiàn)，更低的效率指標降低了H＋A公司的價值。這些結果可以視為中國強制性制度變遷的一種成本。

Abstr：Based on 2070 observations of a balanced panel data set from 2007 to 2011, we investigate whether China＇s H ＋ A cross-llsted companies get lower efficiency of capital allocation and then achieve lower market value because of greater government intervention. Adopting the method of parametric function of production, we apply the total factors productivity （TFP） and technical efficiency（TE） to measure the static efficiency of capital allocation. The dynamic efficiency of capital allocation is measured by total factors productivity growth （TFPG） and its sub-index technological progress, scale economy change, and technical efficiency change. With the treatment effect model, we find that H ＋ A companies have lower TFP, TE, and TFPG. Meanwhile, the lower TFPGs of H ＋ A companies come from lower technological progress. The treatment effect model with interaction shows that the lower efficiency of capital allocation decreases the value of H ＋ A companies. These results can be viewed as a cost of China＇s imposed institutional changes.

文章關鍵詞：

Keyword：:Cross-listings Government Intervention Efficiency of Capital Allocation Corporate Value

課題項目：國家自然科學基金項目（70902048、71102075、71232005、71372096、71472039）、國家公派訪問學者項目（[2013]3018）、對外經(jīng)濟貿(mào)易大學優(yōu)秀青年學者培育計劃（2014YQ01）、中央高�；究蒲袠I(yè)務費專項資金（NKZXB10102、CXTD5-01）資助.

  本文關鍵詞：交叉上市、政府干預與資本配置效率，由筆耕文化傳播整理發(fā)布。