导　　师： 黄燕

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 汕头大学

摘　　要： 由于我国特殊的证券市场体制背景,政府与上市公司之间有着千丝万缕的联系.对政府而言,上市公司作为区域经济的支柱,无论从经济角度还是从政治角度都有着非常重要的意义.各级政府为了各自不同的目的不可避免的要对上市公司施加各种影响,政府管制的手段会对上市公司的绩效产生影响?对上市公司而言,在中国目前这个经济环境和证券市场现状下,各个公司还是在积极的寻求资源并表现出不同的差异性. 本文以2001年至2003年的上市公司为样本,时间跨度为2001年的1月1日到2006年的12月31日,考察了政府管制?政治关联与公司IPO后长期绩效的关系?研究发现,整体而言,政府财政支出占GDP比例与上市公司IPO后长期绩效负相关,政府财政支出中公检法支出所占比例与上市公司IPO后长期绩效正相关;政府管制指标对不同类型公司的长期绩效的有着不同的影响效果;在经济发展不同的地区,地方政府管制对上市公司长期绩效的影响程度不一样,存在较大的区域差异,且东部地区的影响程度大于中部?西部? Because of the special mechanism background in Chinese security market, there are countless connections between the government and listed company. For the government, the listed companies are regarded as the pillar of economy, have very important significance to the government, no matter in terms of economy and politics. So government unavoidably set out carrying various influence on listed company to strengthen their competition among the whole market. For listed company, their active quest for government resources symbolizes otherness. I select listed firms listed during 2001-2003 as our samples to find out the relevance of government regulation, political relation and IPOs long-term performance of listed company in China, with a time span of 1-Jan-2001 to 31-Dec-2006. Our result shows that the proportion of government finance expenditure in GDP is negatively related to IPOs long-term performance of listed company, while the proportion of the Organs of Public Security, People's Procuratorate and People's Court in government finance expenditure is positive correlation related to the latter. The impact effect of government regulation on IPOs long-term performance of state-owned and private listing companies are different. IPOs long-term performance of listed company is also affected by regional economics, and the influence degree in east China is more obvious than in central and west China.

关 键 词： 政府管制 政治关联 长期绩效 区域经济

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]