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党的十八届四中全会强调指出:“依法治国是发展社会主义市场经济的客观需要。”法律环境与公司的发展息息相关。文章以中国沪、深A股上市公司为研究对象,理论分析并实证检验了法律环境对上市公司财务绩效的影响,以及上述影响在不同产权性质公司间的差异。研究发现:法律环境的改善能够显著提高上市公司财务绩效;相比国有上市公司,民营上市公司对法律环境的反应更加敏感,法律环境的改善对民营上市公司财务绩效的促进作用更显著。
The Fourth Plenary Session of the 18th CPC Central Committee emphasized: “Managing the country according to law is an objective need for developing a socialist market economy.” The legal environment is closely linked to the development of the company. The article takes China’s Shanghai and Shenzhen A-share listed companies as the research object, and theoretically analyzes and empirically examines the impact of the legal environment on the financial performance of listed companies and the above differences between companies with different property rights. The findings show that the improvement of the legal environment can significantly improve the financial performance of listed companies. Private listed companies are more sensitive to the legal environment than state-owned listed companies, and the improvement of the legal environment has a more significant effect on the financial performance of listed companies.