摘要
采用上市公司2005年~2009年的年度数据,实证分析外资参股对公司价值的动态影响,结果表明:外资参股比例与股权集中度、营业收入增长率、流动比率、速动比率正相关,而这些变量都与公司价值正相关,而且从总体上看,外资参股比例也与公司价值正相关。基于提升公司价值的目的,应加强对外资参股上市公司的管理。
The paper analyzes the dynamic effect of foreign equity participation on the value of Chinese listed companies with the annual data from 2005 to 2009. The results indicate that there are positive correlations between the proportion of foreign equity participation and ownership concentration, operating income growth, current ratio, and quick ratio, and that these variables are positively correlated with the value of lis- ted companies. Therefore, the overall conclusion shows that the proportion of foreign equity participation is associated with listed companies' value. For the purpose of enhancing listed companies' value, it suggests that the management of foreign equity participation should be strengthened.
出处
《广东商学院学报》
CSSCI
北大核心
2012年第1期56-65,共10页
Journal of Guangdong University of Business Studies
基金
国家社科基金项目(11BJY138)
教育部人文社科规划项目(10YJA790162)
关键词
外资参股
公司价值
股权集中度
偿债能力
面板VAR模型
foreign equity participation
company value
ownership concentration
solvency
panel VAR model