外资参股、资本结构与公司价值——基于中国上市公司经验数据的实证研究  

On Foreign Equity,Capital Structure and Corporate Value:Based on Empirical Research of Chinese Listed Companies' Empirical Data

作　　者：苏国强[1] 

机构地区：[1]广东商学院,广东广州510320

出　　处：《华南理工大学学报（社会科学版）》2013年第1期18-25,共8页Journal of South China University of Technology(Social Science Edition)

基　　金：国家社科基金项目(11BJY138);教育部人文社科规划项目(10YJA790162);国家自科基金项目(71073030)

摘　　要：该文在理论分析的基础上,实证分析了外资参股、资本结构与公司价值三者之间的关系。认为在外资参股上市公司中存在较严重的外资大股东侵害小股东利益的情况,外资机构投资者的监督作用并未发挥,资本市场有待进一步完善以降低上市公司融资成本,同时应该规范证券市场运作,防范证券市场风险。After the theoretical analysis, the author empirically analyses the relationship between foreign equity, capital structure and firm value. The author thinks that there is a serious behavior of foreign major shareholders against the interests of minority shareholders in foreign equity companies. Foreign institutional investors did not play a supervisory role. The capital market should be further improved to reduce the financing costs of listed companies, and regulate the securities market to prevent market risk.

关 键 词：外资参股 资本结构 公司价值 股权结构 QFII 

分 类 号：F276.6[经济管理—企业管理]