股权集中度、股东利益保护与公司价值——基于我国房地产上市公司的实证分析

Ownership Concentration,Protection for Shareholders' Interest and Corporate Value——An Empirical Study Based on the Listed Companies of Chinese Real Estate Industry

在我国房地产行业上市公司中,第一大股东持股比例与公司价值负相关,而股权集中度与公司价值正相关,股东利益保护与公司价值显著正相关。房地产行业上市公司应积极培育具有监督作用且相互制约的大股东,进一步加强对投资者的保护,以改善其治理结构并提高自身价值。

In listed companies of real estate industry of China： The proportion of the largest shareholder＇s share has a negative correlation with corporate value,however,the ownership concentration and firm value is positively related and the protection of minority shareholders＇ interests also has positive correlation with prominent corporate value.Listed companies of real estate industry should actively cultivate this kind of major shareholders that supervise and restrict each other and further enhance investor protection,which will significantly improve their corporation governance and enhance their firm value.