Investor Protection,Ownership Structure and Corporate Valuation  

作　　者：刘培堂 吴冲锋 

机构地区：[1]Antai School of Management, Shanghai Jiaotong University,Shanghai 200052, China

出　　处：《Journal of Southwest Jiaotong University(English Edition)》2007年第1期55-58,共4页西南交通大学学报（英文版）

摘　　要：The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.

关 键 词：Investor protection Corporate valuation Ownership structure CROSS-LISTING Splitting of corporate ownership 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]