关系型大股东对创业板上市公司价值影响的实证分析

发布时间：2018-03-11 21:13

本文选题：关系型股东　切入点：股权集中度　出处：《中央财经大学学报》2014年10期 　论文类型：期刊论文

【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。
[Abstract]:The author sorts out the relationship of large shareholders of listed companies in the gem market in 2009-2011, introduces the relationship of large shareholders into the study of equity structure, and modifies the traditional index of ownership concentration and separation of two rights. The empirical study shows that the ownership concentration is the main factor that affects the behavior of relational shareholders. When the concentration degree of equity is lower than 30%, the separation degree of two rights of relational shareholders is obtained. The number of relational shareholders was significantly negatively correlated with the value of the company; when the concentration of equity was in the range of 30% or 50%, The number of relational shareholders is significantly positively correlated with the value of the company. The study also proves that the relational shareholders achieve their corporate governance function by appointing members to the board of directors. Moderate large shareholder relationship will form checks and balances and constraints in the group of large shareholders, which is conducive to the promotion of the overall value of the company.
【作者单位】：北京工业大学经济与管理学院;
【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)
【分类号】：F224;F832.51

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