外资参股对公司价值的动态影响——基于中国上市公司经验数据的分析  

Analysis of the Dynamic Impact of Foreign Equity Participation on the Value of Listed Companies Based on the Empirical Data of Chinese Listed Companies

作　　者：苏国强[1] 

机构地区：[1]广东商学院金融学院,广东广州510320

出　　处：《广东商学院学报》2012年第1期56-65,共10页Journal of Guangdong University of Business Studies

基　　金：国家社科基金项目(11BJY138);教育部人文社科规划项目(10YJA790162)

摘　　要：采用上市公司2005年～2009年的年度数据,实证分析外资参股对公司价值的动态影响,结果表明:外资参股比例与股权集中度、营业收入增长率、流动比率、速动比率正相关,而这些变量都与公司价值正相关,而且从总体上看,外资参股比例也与公司价值正相关。基于提升公司价值的目的,应加强对外资参股上市公司的管理。The paper analyzes the dynamic effect of foreign equity participation on the value of Chinese listed companies with the annual data from 2005 to 2009. The results indicate that there are positive correlations between the proportion of foreign equity participation and ownership concentration, operating income growth, current ratio, and quick ratio, and that these variables are positively correlated with the value of lis- ted companies. Therefore, the overall conclusion shows that the proportion of foreign equity participation is associated with listed companies＇ value. For the purpose of enhancing listed companies＇ value, it suggests that the management of foreign equity participation should be strengthened.

关 键 词：外资参股 公司价值 股权集中度 偿债能力 面板VAR模型 

分 类 号：F276.6[经济管理—企业管理] F832.51[经济管理—国民经济] F224