治理环境、股权结构与公司价值——来自中国证券市场的经验证据

Institutional Environment,Ownership Structure and Firm Value:Evidence from the Chinese Securities Market

本文以我国上市公司为样本,在一个统一的分析框架内检验了公司治理环境对股权结构和公司价值的影响。研究发现,公司治理环境中的法制化水平对公司股权结构的影响较之政府干预和市场化进程的影响更为明显;同时,治理环境对公司价值具有双重效应,除了直接影响公司价值之外,还通过股权结构间接影响公司价值;公司治理环境的改善,有助于优化公司股权结构和保护广大中小投资者利益。

This paper,using the data on listed firms of China and the data on regional institutional environment of China worked out by Fan Gang,et al,investigates the relationship among institutional environment,ownership structure and firm value.Institutional environment has a significant impact on ownership structure and firm value.Legal protection has a more obvious effect on ownership structure than government intervention and marketization process.