Political Achievement Demands of Local Government，Government Control Right and Corporate Value
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| Title | Political Achievement Demands of Local Government，Government Control Right and Corporate Value
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| Author | Lu Dong,Sun Yan, Zhou Wei and Yang Dang |
| Organization | Southwestern University of Finance and Economics/ Peking University |
| Email | ludong@swufe.edu.cn |
| Key Words | State-Owned Enterprises; Political Achievement Demands; Government Control Right; Corporate Value |
| Abstract | Using a sample of local state-owned listed company from 2004 to 2010, this paper examines difference among government controls of the state-owned enterprises under the political achievement demands. Meanwhile, it reveals the government decentralization is an important way to improve the efficiency of state-owned enterprises. This study finds that: (1) political achievement demands are important factors affecting government control of state-owned enterprises, such as the fiscal surplus, the economic growth rate and unemployment rate. And the different political achievement demand of government level has different influence on state-owned enterprises. (2) With the decline of government level (Province - City - County), the damage of government control to company value will decrease. Based on different political achievement demands, the low-level government will be better shareholders of state-owned enterprises and brings smaller damage to company value than the high-level government does. |
| Serial Number | WP437 |
| Time | 2013-04-26 |
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