直接与终极股权结构对公司价值的影响  

The Affection of Direct and Ultimate Ownership Structure toward Corporate Value

作　　者：王雪梅[1] 

机构地区：[1]重庆工商大学财政金融学院,重庆400067

出　　处：《技术经济与管理研究》2015年第12期87-92,共6页Journal of Technical Economics & Management

基　　金：重庆市社科规划项目(2013PYGL10);重庆工商大学博士科研启动经费项目(1455004)

摘　　要：从代理理论角度出发,合理的股权结构会增加公司价值。以第一大股东性质、第一大股东持股比例、国有股比例、管理人员持股比例、股权制衡度作为直接股权结构指标,以终极控股股东性质、终极控股比例、控制层级、控股链条数作为终极股权结构指标,以EVA和托宾Q作为公司价值衡量指标,检验直接股权结构和终极股权结构对公司价值的影响。结果发现:采用不同的公司价值衡量指标,虽然结论有差异,但是证明了第一大股东性质不同,公司价值是有差异的;提升管理人员持股比例可以提升公司价值;高的股权制衡度可以有效增加公司价值。Based on the agency theory, rational ownership structure can increase corporate value. Taking the characteristics of the largest shareholder, the largest shareholder shareholding ratio and state shareholder shareholding ratio, the proportion of management＇s ownership, equity balance degree as direct ownership structure indexes, the characteristics of the largest ultimate shareholder, the largest ultimate shareholder controlling equity ratio, control levels, and control chains as ultimate ownership structures indexes, EVA and Tobin＇s Q as corporate value indexes. Checking the affection of direct and ultimate ownership structure toward corporate value,despite using different corporate value indexes, the results are partly different. It is still proved the characteristics of the largest shareholder have significant impact on corporate value, increasing the proportion can improve the corporate value, and the higher of equity balance degree, the better of corporate value.

关 键 词：股权结构 公司价值 企业管理 公司治理 

分 类 号：F270[经济管理—企业管理]