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Government Control, Institutional Environment and Firm Value:Evidence from the Chinese Securities Market

Xia Lijun & Fang Yiqiang (School of Accountancy, Shanghai University of Finance & Econom ics)  
This paper, using the data on ul timate shareholders disclosed by the listed firms in 2001 to 2003, and the data on regional institutional environment of China worked out by Fan and Wang (2003) , investigates the relationship among government control, institutional environm ent and firm value. We find that, government control especially county level gov ernment control and city level government control has negative influence on firm value, but the improvement of institutional environment can mitigate this negat ive influence.
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