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本文采用事件研究方法,以“四万亿”投资计划出台的四个步骤作为研究时点,以2008.1.1-2009.4.30挂牌交易的上证A股上市公司为总样本,实证检验了控制人类型(中央政府控制、地方政府控制和非政府控制)对企业价值提升的影响,为提供更可靠的实证结果,通过行业表现分析进一步加以佐证。研究结果表明,与非政府控制企业的表现相比,政府控制不利于提高资源配置效率,不利于企业价值提升,并且,地方政府控制表现尤为明显。
This article adopts the method of event research, taking the four steps of investment plan of “4 trillion” as the research time point and taking Shanghai A-share listed companies listed on the market from January 1, 2008 to January 9, 2009 as the total sample, and empirically tests the control The effect of human type (central government control, local government control and non-government control) on the enhancement of corporate value is further supported by industry performance analysis to provide more robust empirical results. The results show that, compared with the performance of non-government controlled enterprises, government control is not conducive to improving the efficiency of resource allocation, which is not conducive to the enhancement of enterprise value. Moreover, the performance of local government control is particularly obvious.