公司价值与高管人员权力结构——基于中国上市公司的实证研究

The Value of Enterprises and CEO Power Structure——Based on Empirical Analysis on Listed Companies in China

结合中国上市公司实际,构造出高管人员的权力结构,并就公司价值与高管人员权力进行了回归分析。研究发现,当两权分离、董事会规模大、流通股中机构投资者多、发行了外资股或实现了海外上市都对高管人员的权力产生了重大影响,能显著提高公司价值。

Based on the information of listed companies in China, this paper has constructed the power structure of CEO, and made regression analysis of the enterprises＇ value and CEO power structure. The research indicates that some factors can have great impact on CEO power and increase enterprises value notably. The affecting factors are the separation of dual structure, board directorate, the multitude of institution investors in the liquid stock, the issuing of the foreign capital stock and the listing overseas.