股权结构与公司价值创造  

Ownership structure and value creation

作　　者：李亚静[1] 朱宏泉[2] 黄登仕[2] 周应峰[3] 

机构地区：[1]西南民族大学管理学院,成都610041 [2]西南交通大学经济管理学院,成都610031 [3]香港中文大学财务学系

出　　处：《管理科学学报》2006年第5期65-74,共10页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(70171054);香港研究资助局资助项目(RGC Grant No.CUHK4302/01H)

摘　　要：以企业价值创造评价指标———经济附加值,及相关变量作为公司价值的度量,对沪市上市公司股权结构与公司价值的相关关系进行了分析.实证结果表明,股权结构对公司价值有显著的影响.主要体现在:1).股权集中度与公司价值间呈现显著的负相关关系.这说明上市公司中股权集中度越高的公司,公司价值越低;2).国家股比例与公司价值创造间显著的负相关关系,表明了国家股东在公司价值创造活动中的负面效应;3).法人股比例与公司价值创造间具有正相关关系,说明了法人股东既能激励又有能力来监督和控制公司管理人员,在公司治理中扮演着重要的角色;4).实证结果不支持流通股比例与公司价值创造的正相关关系.Using the economic value added （EVA） index and some other firm value evaluating variables, this paper disentangles the relations between the ownership structure and value of the finns listed at Shanghai Stock Exchange. Our results indicate that the ownership structure has significant effects on firm values. First, concentrated ownership negatively correlates with firm value. The firm with high centralized ownership structure has low earnings. Second, the rate of state-owned shares in the total shares of a firm is also significantly negatively related to firm value. But the relation between firm value and the proportion of legal-person shares in a firm is positive. Legal-person shareholders can not only motivate but also control the firm managers. They have dominant power over corporate governance of Chinese companies. Finally, the empirical findings do not fully support the positive relation between firm value and the scale of tradable shares of a firm.

关 键 词：EVA 股权结构 价值创造 

分 类 号：F276.6[经济管理—企业管理]