关系型大股东对创业板上市公司价值影响的实证分析  

Empirical Research of the Impact of Relational Large Shareholder on Chi-Next Corporation Value

作　　者：刘亭立[1] 杨松令[1] 晏文婷[1] 常晓红[1] 

机构地区：[1]北京工业大学经济与管理学院,北京100124

出　　处：《中央财经大学学报》2014年第10期106-112,共7页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重点项目(13AGL003);国家社会科学基金青年项目(11CGL026)

摘　　要：笔者对我国创业板市场2009--2011年上市公司的大股东关系进行了梳理，将大股东关系引入到股权结构的研究中，修正了传统的股权集中度和两权分离度等指标，实证检验了关系型股东对公司价值的影响。研究发现，关系型大股东的股权集中度是影响关系型股东行为的主要因素，当股权集中度低于30％时，关系型股东的两权分离度、关系型股东数量都与公司价值显著负相关；当股权集中度在30％-50％的区间时，关系型股东数量与公司价值显著正相关。研究也证实关系型股东是通过在董事会委派成员来实现其公司治理功能的。笔者认为，适度的大股东关系会在大股东集团内形成制衡和约束作用，从而有利于公司整体价值的提升。This paper sorts out the relationship of the large shareholders of Chi-Next listed firms between 2009 and 2011, introduces the large shareholder relations into the ownership structure study, revised same traditional in- dexes such as ownership concentration and separating degree of two rights, and examines relational shareholders effects the company value. We find that the relational shareholders＇ ownership concentration is the main factor influ- encing the relational shareholder behavior, when ownership concentration is lower than 30%, the relational shareholders＇ separating degree of two rights and the relational shareholder quantity have a significantly negative cor- relation with the company value, while ownership concentration from 30% to 50% range, the relational shareholders quantity have a significantly positive correlation with the company. This paper has also confirmed that the relational shareholder achieve their corporate governance functions by means of appointing members in the board of directors, and find that moderate large shareholders relationship will be form checks and balances and constraint function, thus is advantageous to improve the company value.

关 键 词：关系型股东 股权集中度 公司价值 

分 类 号：A121.26[哲学宗教—马克思主义哲学]