终极控股股东权威与公司价值——央企上市公司与家族上市公司的比较分析  

The Authority of Ultimate Controlling Shareholders and Corporate Value:The Comparative Analysis of Listed State-owned Enterprises and Family Companies

作　　者：李文文[1] 张世兴[1] 万琳 LI Wenwen;ZHANG Shixing;WAN Lin(School of Management,Ocean University of China,Qingdao 266100,China)

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《经济经纬》2020年第5期107-115,共9页Economic Survey

基　　金：国家社会科学基金项目(13BGL080)。

摘　　要：以国有企业与民营企业的典型代表央企上市公司与家族上市公司为样本,以终极控股股东及其派出管理人员为研究对象,通过对终极控股股东权威及其配置、权威集中度与公司的财务绩效、市场表现关系的研究,考察终极控股股东权威对公司价值的影响。研究发现:终极控股股东权威与上市公司价值之间存在先升后降的曲线关系,过度强调或弱化终极控股股东权威都会对公司价值产生消极影响;进一步分析发现,公司规模对终极控股股东权威的功效具有一定的调节作用,终极控股股东对其拥有的股东身份权威与管理权威进行恰当的结合可以使之发挥更大的作用;终极控股股东权威在央企上市公司呈现平稳上升的趋势,在家族上市公司则呈现逐渐减弱之势。Based on the background of the increasingly fierce debate about whether state-owned enterprises should advance or retreat,this paper chooses representative listed state-owned enterprises and family companies as the research sample to study the influence of ultimate controlling shareholders'authority on corporate value.By investigating the correlation between the authority of ultimate controlling shareholders and the financial and market performance of listed companies,this paper finds that there is a rise-fall curvilinear relationship between the authority of ultimate controlling shareholders and the value of listed companies.Further research shows that company size has a certain moderating effect on the authority of ultimate controlling shareholders,and the proper combination of the authority of shareholders status and management can make ultimate controlling shareholders play a greater role.On the other hand,the authority of ultimate controlling shareholders is rising steadily in the listed state-owned enterprises,and gradually weakening in the listed family companies.

关 键 词：终极控股股东 股东权威 权威集中度 公司价值 

分 类 号：F276.5[经济管理—企业管理] F224[经济管理—国民经济]