外资参股与上市公司价值动态调整研究  

On the Dynamic Adjustment of Foreign Equity Participation and the Value of Listed Companies

作　　者：苏国强[1] 

机构地区：[1]广东财经大学金融学院,广州510320

出　　处：《中央财经大学学报》2014年第4期49-55,共7页Journal of Central University of Finance & Economics

基　　金：国家社科基金项目"上市公司价值视角下的外资参股效应研究"(项目编号11BJY138);国家社科基金项目"人民币国际化视角下中国货币政策与汇率政策动态协调研究"(项目编号12BJL056);教育部人文社科规划项目"外资参股对上市公司价值影响研究"(项目编号10YJA790162)

摘　　要：外资参股将对上市公司的经营管理带来了一系列冲击,总体上来说,外资参股有利于提升上市公司价值。外资参股将降低上市公司的股权集中度及经理层报酬,会增加上市公司营业收入,但不会提高上市公司的技术水平。低的股权集中度和经理层报酬会提升上市公司价值,但增加的营业收入并不能提升上市公司价值,技术进步则是上市公司价值提升的重要途径之一。Foreign equity participation will bring a series of shocks on the listed companies＇ management. On the whole, foreign equity participation is conducive to enhance the value of listed companies. Foreign equity partic- ipation will reduce the ownership concentration of listed companies and management remuneration, and increase revenue, but will not raise the technological level of listed companies. Low ownership concentration and the man- agement remuneration will increase the value of listed companies, but the increasing revenue does not increase the value of listed companies, and technological progress is an important way to enhance the value of listed companies.

关 键 词：外资参股 上市公司价值 股权集中度 激励机制 面板VAR模型 

分 类 号：F276.6[经济管理—企业管理]