高层管理团队股权对创业企业价值重估的影响  

An Impact of Top Management Team's Ownership on Re-valuation of Entrepreneurial Firms

作　　者：徐志坚[1] 蒋倩云[1] 王洪振[1] 

机构地区：[1]南京大学商学院,江苏南京210093

出　　处：《华东经济管理》2011年第12期75-80,共6页East China Economic Management

基　　金：教育部社科基金规划项目(09YJA630060);江苏高校哲学社会科学研究重点项目(2010ZDIXM016)

摘　　要：创业企业一般具有业绩高速增长的特征,在证券市场上更容易受到投资者的关注,上市后有较大的市场溢价,但在随后的时间里,企业价值存在一个价值重估的过程。那么,创业企业这样的价值重估是否与企业的股权特征有关?特别是董事会、总经理、高层管理团队的股权。该文利用在2009年12月31日前被中国证监会批准的、后来陆续在深圳证券交易所上市的、创业板公司的数据,对中国创业板上市企业的价值重估与董事会、总经理、高层管理团队股权的关系进行实证检验,最后证实了部分相关假设。Entrepreneurial Firms, having the performance characteristics of rapid growth and being more vulnerable to the attention of investors, usually have a larger market premium after listed in the stock market, but in subsequent times, there is a process of corporate value revaluation. Then, is that the revaluation of Entrepreneurial Firms related with the shares characteristics？ Especially, with the equity of the board of directors, general manager, top management team of the company？ In this paper, we used the data from new firms IPO ah＇eady received the approval of China Securities Regulatory Commission by December 31, 2009, and subsequently listed on the Shenzhen Stock Exchange, and empirically tested the relationship between the revaluation of Chinese GEM-listed companies and the board composition, CEO equity and TMT ownership dispersion, and finally confirmed that part of the under lying hypotheses.

关 键 词：创业企业 高层管理团队 股权 价值重估 

分 类 号：F271[经济管理—企业管理]