股权结构、控股方式与企业价值——中国民营上市公司的实证分析  

Ownership Structure,Controlling Style and Company Value:An Empirical Analysis on Private Listed Companies in China

作　　者：谢玲芳[1] 朱晓明[1] 

机构地区：[1]上海交通大学安泰管理学院,上海200052

出　　处：《上海交通大学学报》2005年第10期1631-1634,共4页Journal of Shanghai Jiaotong University

摘　　要：在对截止2003年底沪深两地上市的中国民营企业现金权、控制权及其分离系数对企业价值影响的实证研究基础上,得出现金权的增加有利于企业价值的提高,现金权小而控制权过大的股权结构使得大股东侵占小股东利益更为便利,导致企业价值的降低,称为“隧道效应”.通过对民营企业不同控股类型的分析,证明了大股东侵占效应已成为主要的代理冲突,民营企业的治理状况有待进一步完善.Based on an empirical analysis on the private listed companies in China by 2003, this paper discussed the cash-flow rights, control rights and diversities between them and the influence on the company value, The conclusion is that the cash-flow rights increases the company value, the control rights overfull the cash-flow rights and decrease the company value, which is called “tunneling”. Through the analysis of controlling style, the paper demonstrates that “tunneling” is the most important agent problem, and the governance of private companies needs to be consolidated.

关 键 词：民营企业 上市公司 现金权 控制权 企业价值 

分 类 号：F270[经济管理—企业管理]