法制环境、控股股东与企业价值

Legal Environment, Controlling Shareholder and Firm Value

以竞争行业的上市公司为样本，对法制环境、控股股东属性与企业价值的关系的实证研究表明：公司所处地区的法治化水平与企业价值正相关，即良好的法制环境会增加企业价值。在不同的控股方式下，控股股东的持股比例与企业价值都是显著负相关。且在好的法制环境下，控股股东的持股比例对企业价值的负面影响会降低。因此．应加强法制建设，从严执法，为我国上市公司创造一个完善的法制环境。

Based on a sample of 775 listed companies in competitive industries, the investigation into the relationship between finn value and the feature of controlling shareholders indicates that legal environment has a positive influence on firm value. That is to say, the better the legal environment, the higher the value. And we also find that whoever is the controlling shareholder has nothing to do with the value. Whether the controlling shareholder is government or non-government, its effect on value is negative. And under the better legal environment, the damage from the controlling shareholder will become weaker. Therefore,we should strengthen the contruction of law,and execute it strictly to build a perfect legal environment for Chinese listed companies.