国有企业垄断扩张对企业绩效影响效应研究—来自我国上市公司面板数据的实证国有企业垄断扩张对企业绩效影响效应研究—来自我国上市公司面板数据的实证.pdf

Finance 金融, 2014, 4, 65-72 Published Online October 2014 in Hans. /journal/fin /10.12677/fin.2014.44009 A Study on How the Expansion of State-Owned Monopolies Impacts Their Performances —The Empirical Data of Listed Companies of Our Country Xuefeng Du, Yixiang Tian, Gaoxun Zhang, Li Li School of Management and Economics, University of Electronic Science and Technology of China, Chengdu Email: th st th Received: Jul. 15 , 2014; revised: Aug. 1 , 2014; accepted: Aug. 13 , 2014 Copyright © 2014 by authors and Hans Publishers Inc. This work is licensed under the Creative Commons Attribution International License (CC BY). /licenses/by/4.0/ Abstract In this paper, we choose economic value added (EVA) as the measurement indicator of company’s performance and use the panel data model to study the relationship between the enterprise per- formance and the industry monopoly. We focus on China listing corporations covering various in- dustries and find out that there is a negative linear relation and non-linear “U” effect between the monopoly expansion of state-owned enterprises and EVA; that is to say, the monopoly decreases EVA of the company. However, when the monopoly expansion of state-owned enterprises increas- es to a certain transition point, EVA begins to increase, indicating that the excess monopoly profit compensates for the negative effect to enterprise. The firm performance and monopoly begin to show a positive relationship. Keywords EVA, The Monopoly Expansion of State-Owned Enterprises, Market Structure, Enterprise Performance, Influence Effect 国有企业垄断扩张对企业绩效影响效应研究 —来自我国上市公司面板数据的实证 杜雪锋，田益祥，张高勋，李 立 电子科技大学经济与管理学院，成都 65