The Impact of Regulation on Firm Value: Evidence from Political Connections
研究发现监管强度高的企业估值较低，但有政治关联的企业在强监管下估值更高，且新规后市值上升，同时面临更弱竞争，支持监管俘获理论。
Abstract We examine the relationship between regulatory intensity and firm value. We find that firms facing high regulatory intensity exhibit lower valuations. However, it is the reverse for politically connected firms. Firms with political ties and high regulatory exposure have higher valuation ratios, and their market values increase following new regulations. Additionally, these firms have higher markups and face lower entrance rates by new establishments, consistent with weakened competition. Nonetheless, not all results are robust to the choice of specification. Overall, our findings provide some support for a regulatory capture perspective, suggesting that regulation may enhance value for politically connected firms.