股权结构、公司价值与中国股市的低效率  

Equity Structure,Value of Company and the Low Efficiency of China's Stock Market

作　　者：孙伊然[1] 

机构地区：[1]复旦大学世界经济系,上海200437

出　　处：《财经科学》2002年第3期50-54,共5页Finance & Economics

摘　　要：关于股权结构与公司价值之间的联系 ,现有的理论、实证研究并未得出一致的结论。有些学者认为两者联系甚密 ,也有人不以为然。本文从一个简单的模型出发 ,指出中国股市的低效率不能简单地归咎于股权结构 ,实际上 ,集中或者分散的股权结构都可以是最优的 ,都可以使公司价值最大化。文章对理论上的最优可能与现实中的低劣效率之间的反差进行了分析 ,指出问题的根源在于非市场化的制度基础与市场化经济实体的畸形结合 ;解决之道应该从制度源头入手 ,以释放流动性收益和控制收益。The present theories and positive researches do not draw a unanimous conclusion on the relationship between equity structure and value of the company. Some propose that they have strong correlation, while others do not. Staring from a simple model, this article points out that one cannot simply ascribe the low efficiency of China's stock market to equity structure. Actually, both centralized and dispersive equity structure can be optimum and can lead to maximum of the value of company. The article analyzes the discrepancy between the theoretical optimum and actual low efficiency, and argues that the root lies in the abnormal match between non-market institutional foundation and market-oriented economic entities. To solve this problem, it should start from the institution to release the liquidity income and to control income.

关 键 词：股权结构 公司价值 中国股市 股市效率 

分 类 号：F832.5[经济管理—金融学]