外资参股与上市公司价值——基于非平稳面板数据的实证分析

摘要

In this paper, the author empirical analyzes the relationship between foreign equity participation and the value of listed companies, by using quarterly data of sample companies since 2002. The empirical results show that foreign equity participation has a significant positive effect on value of listed company, indicating the value of listed company getting a significant upgrade after foreign equity participation. Meanwhile, the author also confirms that the national income growth, inflation and money supply are positively correlated with the value of listed companies, but the RMB exchange rate negatively correlated with the value of listed company. Based on the empirical analysis, the author proposes a solution to enhance the value of listed companies.%该文采用样本公司2002年以来的季度数据，实证分析了外资参股与上市公司价值之间的关系。实证结果表明，外资参股对上市公司价值有着显著的正向影响，说明外资参股后上市公司价值得到了显著提升。同时，该文也证实了国民收入增长率、通货膨胀率和货币供应量都与上市公司价值正相关，但人民币汇率与上市公司价值负相关。在实证分析的基础上，该文提出了提升上市公司价值的建议。