博弈论视角下股权结构对公司价值的影响研究

发布时间：2018-02-04 06:23

本文关键词： 股权结构公司价值博弈论　出处：《南京大学》2013年硕士论文　论文类型：学位论文

【摘要】：公司所有活动以价值创造为核心,并以实现公司价值最大化为目的,而公司价值却受多方面因素的影响。股东作为公司的缔造者,对公司拥有不可辩驳的所有权和控制权,股权结构决定了股东内部利益格局和股东整体对管理层的监督和控制能力,进而会对公司绩效和公司价值产生影响。现在公司制度下,公司所有权和控制权分离使得股东与管理层间的利益矛盾尖锐,大股东利用其控制权侵占小股东权益、损害公司价值的问题也十分突出,所以股权结构究竟如何影响公司价值一直备受学术界关注。在股权结构如何影响公司价值问题上,由于研究方法和样本选择的差异性,国内外学者在理论和实证研究上都尚未得出较为一致的结论。本文选取博弈论独特视角,利用博弈模型在理论上依次对股东与管理层之间、大股东与小股东之间、相对控股股东之间的利益斗争进行阐述,并分析不同的博弈结果对公司价值产生何种影响。在实证方面,选择沪深两市上市公司为样本,采取公司相对行业ROA和ROE两大绩效指标来描述公司价值,兼顾第一大股东持股比例和股权性质的同时,利用统计回归方法依次分析在绝对控股、相对控股、分散控股公司中股权结构如何影响公司价值。本文在理论分析和实证研究的基础之上,得出以下三大结论：第一,在绝对控股和分散持股公司中,第一大股东持股比例增加有助于公司价值提升；第二,在绝对控股公司中,相较于国有股,一般境内法人股对提升公司价值有积极作用；第三,在相对控股公司中,增强对第一大股东的股权制衡有利于提高公司价值。
[Abstract]:All activities of the company to create value as the core, and to achieve the maximization of corporate value for the purpose and value of the company is affected by many factors. The shareholders as the company's founder, the company has ownership and control irrefutable, ownership structure determines the pattern of interests of shareholders and the overall supervision and control of the the management ability, which will affect the performance of the company and the value of the company. Now the company system, the separation of ownership and control of the interest conflicts between shareholders and management of the sharp, big shareholders using their control rights and interests of small shareholders, damage the value of the company is also very prominent, so on how the ownership structure influences the value of the company has attracted academic attention.
In the ownership structure how to influence the value of the company, due to differences in research methods and sample selection of domestic and foreign scholars in the theoretical and empirical studies have not reached consistent conclusions. This paper selects the unique perspective of game theory, the game model in theory of shareholder and management, between large shareholders and small shareholders the struggle between the interests of shareholders, holding relatively elaborate and analyze the different game results affect the value of the company. In the empirical analysis, select the Shanghai and Shenzhen two listed companies as samples, take the company relative to industry ROA and ROE two performance indicators to describe the value of the company, taking into account the proportion of the first shareholder and equity nature at the same time using statistical regression method, followed by the analysis of the relative holding in absolute holding, holding company, dispersed ownership structure how to affect the value of the company.
In this paper, based on the theoretical analysis and empirical research, draw the following three conclusions: first, in absolute controlling and dispersion of the Holding Company, the proportion of the first largest shareholder increase will help enhance the value of the company; second, in absolute holding companies, compared with the state-owned shares, a domestic legal person shares has a positive effect on promoting the company third, in the relative value; holding company, to enhance the first major shareholders to improve corporate value.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F224.32;F832.51

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