Managerial Ability,Institutional Environment and Corporate Valuation: A Perspective Based on Institutional Changes in the Chinese Securities Market

PDF(1087 KB)

Journal of Central University of Finance & Economics ›› 2021, Vol. 0 ›› Issue (9) : 48-58.

HUANG Zhi-hong, GUO Jing-jing, LI Shan-min

Author information +

History +

Abstract

Managerial ability refers to the ability of managers to generate corporate income under certain resource constraints.We examine the relation between managerial ability,institutional environment and corporate valuation using the institutional change of China's securities market in 2006.We find that managerial ability does enhance the value of the firm,but the effect of managerial ability needs a good institutional environment as a precondition.We also find that the effect of institutional change is more pronounced in private firms and areas with higher marketization.Our paper shows that the establishment of a good institutional environment plays an important role in optimizing the allocation of managerial ability and then improving the value of the corporation.This study not only enriches our understanding of managerial ability but also provide new evidence to the importance of building institutional environments in the context of transitional economies.

Key words

Managerial ability / Institutional environment / Corporate valuation

Cite this article

EndNote

Ris (Procite)

Bibtex

Download Citations

HUANG Zhi-hong, GUO Jing-jing, LI Shan-min. Managerial Ability,Institutional Environment and Corporate Valuation: A Perspective Based on Institutional Changes in the Chinese Securities Market[J]. Journal of Central University of Finance & Economics, 2021, 0(9): 48-58

References

[1] Demerjian P,Lev B,Mcvay S.Quantifying Managerial Ability:A New Measure and Validity Tests[J].Management Science,2012,58(7):1229-1248.
[2] Bertrand M,Schoar A.Managing with Style:The Effect of Managers on Firm Policies[J].The Quarterly Journal of Economics,2003,118(4):1169-1208.
[3] 陈雪芩,郑宝红.国外管理者能力研究述评与展望[J].外国经济与管理,2018(7):155-166.
[4] Guan J X,Li O Z,Ma J.Managerial Ability and the Shareholder Tax Sensitivity of Dividends[J].Journal of Financial and Quantitative Analysis,2018,53(1):335-364.
[5] 张敦力,江新峰.管理者能力与企业投资羊群行为:基于薪酬公平的调节作用[J].会计研究,2015(8):41-48.
[6] Lee C,Wang C,Chiu W,et al.Managerial Ability and Corporate Investment Opportunity[J].International Review of Financial Analysis,2018,57:65-76.
[7] 姚立杰,陈雪颖,周颖,等.管理层能力与投资效率[J].会计研究,2020(4):100-118.
[8] 卜美文,张俊民.企业家精神、审计治理与公司价值——基于中国上市公司的经验证据[J].中央财经大学学报,2021(3):74-87.
[9] Shleifer A,Vishny R W.Management Entrenchment:The Case of Manager-specific Investments[J].Journal of Financial Economics,1989,25(1):123-139.
[10] 何威风,刘巍,黄凯莉.管理者能力与企业风险承担[J].中国软科学,2016(5):107-118.
[11] 梁安琪,武晓芬.管理者能力与企业创新:基于上市公司的实证[J].统计与决策,2020(9):159-164.
[12] Baumol W.Entrepreneurship:Productive,Unproductive,and Destructive[J].Journal of Political Economy,1990,98(5):893-921.
[13] 项国鹏,李武杰,肖建忠.转型经济中的企业家制度能力:中国企业家的实证研究及其启示[J].管理世界,2009(11):103-114.
[14] 樊纲,王小鲁,张立文,等.中国各地区市场化相对进程报告[J].经济研究,2003(3):9-18.
[15] 游家兴,张俊生,江伟.制度建设,公司特质信息与股价波动的同步性——基于 R~2研究的视角[J].经济学(季刊),2007(1):189-206.
[16] Hambrick D C,Mason P A.Upper Echelons:The Organization as a Reflection of Its Top Managers[J].Academy of Management Review,1984,9(2):193-206.
[17] Chen Y,Podolski E J,Veeraraghavan M.Does Managerial Ability Facilitate Corporate Innovative Success?[J].Journal of Empirical Finance,2015,34:313-326.
[18] 姚立杰,周颖.管理层能力、创新水平与创新效率[J].会计研究,2018(6):70-77.
[19] Cui H,Chi-Moon Leung S.The Long-run Performance of Acquiring Firms in Mergers and Acquisitions:Does Managerial Ability Matter?[J].Journal of Contemporary Accounting & Economics,2020,16(1):1-18.
[20] Demerjian P R,Lev B,Lewis M F,et al.Managerial Ability and Earnings Quality[J].The Accounting Review,2013,88(2):463-498.
[21] 李秉成,郑珊珊.管理者能力能够提高资本市场信息效率吗?——基于股价同步性的分析[J].审计与经济研究,2019(3):80-90.
[22] Cornaggia K J,Krishnan G V,Wang C.Managerial Ability and Credit Ratings[J].Contemporary Accounting Research,2017,34(4):2094-2122.
[23] 何威风,刘巍.商业信用中的管理者效应:基于管理者能力的视角[J].会计研究,2018(2):48-54.
[24] 张路,李金彩,张瀚文,等.管理者能力影响企业成本粘性吗?[J].会计研究,2019(3):71-77.
[25] 沈烈,郭阳生.管理者能力与内部控制质量:抑制还是促进?[J].中南财经政法大学学报,2017(4):58-67.
[26] 陈娇娇,桑凌.管理者能力与权力对内部控制审计费用的影响[J].南京审计大学学报,2018(3):80-90.
[27] 何威风,刘巍.企业管理者能力与审计收费[J].会计研究,2015(1):82-89.
[28] Koester A,Shevlin T,Wangerin D.The Role of Managerial Ability in Corporate Tax Avoidance[J].Management Science,2016,63(10):3285-3310.
[29] North D C.Institutions,Institutional Change and Economic Performance[M].Cambridge University Press,1990.
[30] Acemoglu D,Johnson S,Robinson J A.Institutions as a Fundamental Cause of Long-run Growth[J].Handbook of Economic Growth,2005,1:385-472.
[31] La Porta R,Lopez De Silanes F,Shleifer A,et al.Legal Determinants of External Finance[J].The Journal of Finance,1997,52(3):1131-1150.
[32] La Porta R,Lopez De Silanes F,Shleifer A,et al.Investor Protection and Corporate Valuation[J].The Journal of Finance,2002,57(3):1147-1170.
[33] 樊纲,王小鲁,马光荣,等.中国市场化进程对经济增长的贡献[J].经济研究,2011(9):4-16.
[34] Berkowitz D,Lin C,Ma Y.Do Property Rights Matter? Evidence from a Property Law Enactment[J].Journal of Financial Economics,2015,116(3):583-593.
[35] 陆瑶.激活公司控制权市场对中国上市公司价值的影响研究[J].金融研究,2010(7):144-157.
[36] 戴文涛,刘秀梅,陈红,等.会计准则改革提高了审计收费吗?[J].会计研究,2017(2):29-34.
[37] Calvo E,Cui R,Serpa J C.Oversight and Efficiency in Public Projects:A Regression Discontinuity Analysis[J].Management Science,2019,65(12):5651-5675.
[38] Hesarzadeh R.Regulatory Oversight and Managerial Ability[J].Eurasian Business Review,2020:Forthcoming.
[39] 贺小刚,李新春.企业家能力与企业成长:基于中国经验的实证研究[J].经济研究,2005(10):101-111.
[40] 雷光勇,刘慧龙.市场化进程,最终控制人性质与现金股利行为——来自中国 A 股公司的经验证据[J].管理世界,2007(7):120-128.
[41] 张霖琳,刘峰,蔡贵龙.监管独立性,市场化进程与国企高管晋升机制的执行效果——基于 2003—2012 年国企高管职位变更的数据[J].管理世界,2015(10):117-131.
[42] 夏立军,陈信元.市场化进程,国企改革策略与公司治理结构的内生决定[J].经济研究,2007(7):82-95.
[43] 罗党论,唐清泉.中国民营上市公司制度环境与绩效问题研究[J].经济研究,2009(2):106-118.
[44] 李文贵,余明桂.产权保护与民营企业国有化[J].经济学(季刊),2017(3):1341-1366.
[45] 余明桂,李文贵,潘红波.民营化,产权保护与企业风险承担[J].经济研究,2013(9):112-124.
[46] 夏立军,方轶强.政府控制,治理环境与公司价值——来自中国证券市场的经验证据[J].经济研究,2005(5):40-51.
[47] Cleary S.The Relationship between Firm Investment and Financial Status[J].The Journal of Finance,1999,54(2):673-692.
[48] 姜付秀,黄继承.经理激励,负债与企业价值[J].经济研究,2011(5):46-60.
[49] Ashenfelter O.Estimating the Effect of Training Programs on Earnings[J].The Review of Economics and Statistics,1978,60(1):47-57.
[50] Allen F,Qian J,Qian M.Law,Finance,and Economic Growth in China[J].Journal of Financial Economics,2005,77(1):57-116.